Asian markets is trading higher especially Nikkei jumped more than 1.5% from and hits highest level since 1991. The main reason for rise in Nikkei was due to weakness yen which will support export related sectors. US 10 year bond yield has shown a good recovery of more than 1.5% after minor sell-off..Shanghai composite is trading higher after a minor sell-off. It is currently trading around 2806 (0.51% higher). US markets closed slightly lower with Dow Jones at 26439 (0.21% higher) and S&P500 at 2914 (0.28% higher). US futures are currently trading flat with Dow Jones 26508 (0.09% higher) and S&P500 2919 (0.06% higher). Nikkei is trading around 24233 (0.69% higher).
USD/JPY is trading higher and hits year high.The pair broken level of 113.20 and hits high of 113.57 .It is currently trading around 113.57..
On the lower side, index near term support is around 23860 and any break below will drag the index down till 23717 (55- 4H EMA)/23474 (38.2% fib)/23200. The major long term support is around 21750.
The near term resistance is around 24100 and any convincing break above will take the pair to next level 24280/24500.
It is good to buy on dips around 23700-750 with SL at 23500 for the TP of 24280/24500.
