• Asian markets are trading higher especially Nikkei rose almost 1% on account of weak yen.The escalation of trade war between US and China and weak crude oil prices have dragged US market more than 0.5%.US has threatened to impose additional $200 billion worth of Chinese goods. US market closed slightly lower with Dow Jones at 24700 (0.88% lower) and S&P500 2774 (0.71% lower). Chinese market has recovered sharply after declining more than 20% from the high. It is currently trading around 2828. USD/JPY which is the main indicator of geo political tension has gained more than 100 pips jump yesterday and is trading well above 112. US futures is trading marginally lower with Dow Jones at 24802 (0.31% higher) and S&P500 2779 (0.25% higher). Nikkei is currently trading around 22210 0.81% higher.
   
• USD/JPY is tradingextremly bullish and has jumped nearly 140 pips yesterday. It hits intraday high of 112.38 and is currently trading around 112.26.
   
• On the lower side, index major support is around 22080 (100- day MA) any break below will drag the index down till 21750/21460.
   
• The near term resistance is around 22330 (200-day MA) and any convincing break above will take the index to next level till 22440 (50- day MA)/22780.
  
  It is good to buy on dips around 22000 with SL at 21750 for the TP of 22500/22780.