FxWirePro: Nikkei Daily Outlook

Asian markets are trading slightly higher following the trend of wall street. The renewed trade war tensions between US and China is putting pressure on equity markets. US markets closed slightly higher mainly led by tech related stocks. Chinese markets is continuing its weakness and declined more than 6.5% from recent high of 2912.US market has closed slightly lower with Dow Jones at 25326 (0.03% lower) and S&P500 2827 (0.49% higher). USD/JPY which is the main indicator of geo political tension is trading slightly lower on rising trade war tension . US futures is trading flat with Dow Jones at 25315 (0.14% lower) and S&P500 2825 (0.13% lower). Nikkei is currently trading around 22488 0.61% lower.
 

USD/JPY is trading slightly lower after hitting high of 112.15 and is currently trading around 111.64 (0.02% lower).
 

On the lower side, index major support is around 22386 (200- day MA) 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 22350-400 with SL at 22150 for the TP of 23040.