Asian markets are trading higher especially Nikkei holding well above 20000 level following footsteps of Wall Street.US markets was trading higher for 5th consecutive day with Dow Jones 24001 (0.51% higher) and S&P500 2596 (0.45% higher). Shanghai is trading slightly higher and is currently trading around 2537 (0.11% higher). Nikkei is trading slightly higher at 20333 (0.16% higher).
USDJPY has shown a minor recovery of more than 50 pips from low of 107.77. Minor weakness can be seen below 107.50 and any violation below targets 106.80/106. It is currently trading around 108.29.
On the lower side, near term support is around 19900 and any break below targets 19600/19000.
The near term resistance is at 20510 (38.2% fib) and any break above targets 20926 (55-day EMA)/21300.
It is good to buy on dips around 19900 with SL around 19600 for the TP of 20509.
