FxWirePro: Nikkei Daily Outlook

• Asian markets are trading higher following foot steps of US markets. US markets was   closed slightly higher on account of strong corporate earnings. S&P500 hits highest level since Feb after better than expected results from Alphabet. The shares closed up 3.9% at $1258.Shanghai is trading higher for third consecutive days and up 0.06% at 2907. US market has closed higher with Dow Jones at 25241 (0.79% higher) and S&P500 2820 (0.48% higher). USD/JPY which is the main indicator of geo political tension has shown a minor recovery from low of 110.75. But overall trend is weak. US futures is trading flat with Dow Jones at 25184 (0.02% higher) and S&P500 2814 (0.06% lower). Nikkei is currently trading around 22640 0.15% higher.
   
• USD/JPY has shown a minor recovery till 111.35 after hitting low of 110.75. It is currently trading around 111.32.
   
• On the lower side, index major support is around 22390 (55- day EMA) and any break below will drag the index down till 22270/22000/21750/21460.
   
• The near term resistance is around 22800 and any convincing break above will take the index to next level till 23050/23200.

It is good to buy on dips around 22450-500 with SL at 22270 for the TP of 23040.