FxWirePro: Nikkei hits 2-1/2 month high on strong global cues , good to buy on dips

Asian markets are trading higher especially Nikkei is trading higher for seventh consecutive days. The index has jumped almost 1000 points from the low of 22053. Global markets was trading higher yesterday after US Mexico deal.US stock market jumped slightly and has closed at record high for third consecutive sessions.Shanghai is trading slight lower after hitting high of 2791 and it should break above 2806 for further bullishness.It is currently trading around 2769. US dollar has pared some of its loss made yesterday and jumped nearly 50 pips from low of 94.43.It is currently trading around 94.71.US markets closed flat with Dow Jones 26064 (0.04% higher) and S&P500 2897 (0.03% higher). US futures is trading flat with Dow Jones at 26129 (0.20% higher) and S&P500 2901.80 (0.16% higher). Nikkei is currently trading around 22937 0.46% higher.
 

USD/JPY has recovered slightly after hitting low of 110.93 yesterday.It is currently trading around 111.26 (0.06% higher).
 

On the lower side, index near term support is around 22750 and any break below will drag the index down till 22435/22370(200- day MA)/22200/22000. The major long term support is around 21750.
 

The near term resistance is around 23040 and any convincing break above will take the index to next level till 23200/23480.

It is good to buy on dips around 22600-650 with SL at 22400 for the TP of 23050/23200.