FxWirePro: Nikkei Daily Outlook

• Asian markets are trading positive after more than 1% jump in U.S markets. US markets rallied sharply yesterday as Energy related stocks scored a lift after President Donald Trump ‘s decision on US to pull out of the Iran nuclear deal. Crude jumped sharply almost $2.50 to $72 and Brent crude hits fresh 3 year high at $77.75. Asian markets especially Japanese and Indian market is trading only marginally positive compared to other indices which is trading well above 0.5% as they import crude a lot. Any rise in price will affect the import bill which in turn affect their trade deficit.US stock indices has closed positive yesterday with Dow jones 24542 (0.75% higher) and S&P500 2697 (0.97% higher). US futures is trading marginally positive with Dow jones at 24572 (0.13% higher) and S&P500 2702 (0.22% higher). It is currently trading around 22486 0.01% higher.
   
• USD/JPY recovered till 109.92 and shown a minor selling from that level. Any close above 110 confirms minor bullishness and a jump till 111/112 likely.  
    
• On the lower side, index major support is around 22300 (100- day MA) and any break below will drag the index down till 22230 (20- day MA)/21697 (Apr 13th low).
   
• The near term resistance is around 22620 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.

It is good to buy on dips around 22160-200 with SL at 22000 for the TP of 22500/22680.