FxWirePro: Nikkei trades higher on weak yen, good to buy on dips

Asian markets is trading slightly mixed with Nikkei trading mildly positive on account of weak yen. USDJPY trading above 112 supporting export related firms. The jump in index was mainly due to rise in chip related stocks and financial stocks jumped due to rise in 10 year yield.  It hits high of 23973 highest level in 8 months .Investors remain cautious due to trade talks between US and Japan  which is to be happened on Tuesday. Shanghai composite has declined more than 0.5% after recovery more than 150 points from low of 2644. It is currently trading around 2766 (0.76% lower). US markets closed slightly lower with Dow Jones at 26562 (0.68%lower) and S&P500 at 2919 (0.35% lower). US futures are currently trading flat with Dow Jones 26581 (0.06% lower) and S&P500 2920 (0.05% lower). Nikkei is trading around 23903 (0.19% higher).

USD/JPY is trading higher and hits high of 112.97.It is currently trading around 112.82.
 

On the lower side, index near term support is around 23634 and any break below will drag the index down till 23470 (23.6% fib)/23170/23050 (20- day MA). The major long term support is around 21750.
 

The near term resistance is around 24000 and any convincing break above will take the pair to next level 24280/24500.

It is good to buy on dips around 23400-450 with SL at 23000 for the TP of 24000/24280.