FxWirePro:Nikkei trades lower on weak corporate earnings,good to buy on dips

Asian markets are trading higher especially Nikkei is trading slightly weak 0.5% lower.The index is trading lower amid better thane expected results from Softbank group and shares jumped more than 17% on account of buy back news.But decline in exporter based shares is putting pressure on Nikkei as most of the US and Japanese companies have cut their earnings forecast.US markets has closed flat after a continuous jump with Dow Jones 25390 (0.08% low) and S&P500 2731 (0.22% lower).USDJPY recovered sharply after hitting low of 109.55.The near term resistance is around 110 and any convincing break above targets 111/112.It is currently trading around 109.93.

On the lower side, near term support is around 20500 and any break below targets 20200/20000.

The near term resistance is at 21000 and any break above targets 21387/21573.

It is good to buy on dips around 20550-600 with SL around 20400 for the TP of 21200/21387.