FxWirePro: Nikkei trades higher as yen hits 11-month low, good to buy on dips

Asian markets especially China and Hong Kong closed for holidays and Nikkei alone jumped more than 0.5% and hits fresh month high. The main reason for rise in Nikkei was due to weakness yen which hits 11 month low against US dollar will support export related sectors. US 10 year bond yield has shown a good recovery of more than 1.5% after minor sell-off till 3.02%. US markets closed flat with Dow Jones at 26263 (0.07% higher) and S&P500 at 2913 (0.00% ). US futures are currently trading higher with Dow Jones 26645 (0.61% higher) and S&P500 2930 (0.52% higher). Nikkei is trading around 24281 (0.41% higher).

USD/JPY is trading higher and hits year 11 year high of 113.96.The pair is trading near high and a jump till 114.70 is possible
 

On the lower side, index near term support is around 24160 and any break below will drag the index down till 24000 (100- H MA)/23810. The major long term support is around 21750.
 

The near term resistance is around 24300 and any convincing break above will take the pair to next level 24500/24725.

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