FxWirePro: Nikkei hits 27 year high on easing trade tensions and strong global cues, good to buy on dips

Asian markets is trading slightly higher with Nikkei showing a minor decline of 0.35%. Nikkei hits fresh 27 year high and jump was mainly due to easing trade tensions and strong global cues. US and Canada has reached a last minute trade deal on Sunday and yen is trading weak on easing trade tensions. US 10 year bond yield has shown a good recovery of more than 2% after minor sell-off till 3.02%. US markets closed higher with Dow Jones at 26651 (0.73% higher) and S&P500 at 2924 (0.36% higher). US futures are currently trading marginally lower with Dow Jones 26643 (0.12% lower) and S&P500 2922 (0.10% lower). Nikkei is trading around 24281 (0.41% higher).

USD/JPY is trading higher and hits year 11 year high of 114.06.The pair is trading near high and a jump till 114.70 is possible
 

On the lower side, index near term support is around 24240 (55- H EMA) and any break below will drag the index down till 24100 (100- H MA)/23965/23810. The major long term support is around 21750.
 

The near term resistance is around 24500 and any convincing break above will take the pair to next level 24725/25000.

It is good to buy on dips around 24025-24050 with SL at 23780 for the TP of 24500.