FxWirePro: Nikkei trades 1% higher on easing geopolitical tension and weak yen, good to buy on dips

• Asian markets are trading higher on slightly easing geo political tension. The technology stocks in NASDAQ performed well and index jumped 0.70% yesterday.USDJPY which is the main indicator of geo political tension rose sharply yesterday and this shows that investors is thinking that US China trade worries will not escalate further. Shangahi composite pared most of its gains and was trading at 2903 declined almost 37 points from the high of 2940.The improved risk appetite pushed the yield slightly higher. Nikkei has jumped almost 300 points for the day. US markets have closed flat with Dow Jones 24657 (0.17% lower) and S&P500 2767 (0.17% higher). US futures is trading marginally higher with Dow Jones at 24728 (0.27% higher) and S&P500 2773 (0.37% higher). Nikkei is currently trading around 22723 0.89% higher.
   
• USD/JPY has shown a good jump of almost 45 pips on account of easing geo political tensions . The pair hits intraday low of 110.32 and is currently trading around 110.68.    
   
• On the lower side, index major support is around 22590 (20- day MA) any break below will drag the index down till 22450 (55- day EMA)/22200 (200- day MA).
   
• 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 22500-550 with SL at 22300 for the TP of 23050.