Asian markets are trading lower following footsteps of US markets. US markets drifted lower after the U.S and China imposed tariffs of $16 bn in each others goods . Trade talks between US and China has concluded on Thursday with no major developments. Markets eye Fed chairman Powell speech at Jacksonhole symposium today for further direction. Shanghai is slightly consolidating after hitting high of 2739 and is currently trading around 2713. US dollar has halted its weakness and jumped almost 60 pips from the low of 94.93.US markets closed slightly weaker with Dow Jones 25657 (0.30% lower) and S&P500 2856 (0.17% lower). US futures is trading marginally higher with Dow Jones at 25698 (0.12% higher) and S&P500 2859 (0.13% higher). Nikkei is currently trading around 225 0.57% higher.
USD/JPY has recovered sharply more than 150pips form the low of 109.77.It is currently trading around 111.47 (0.17% higher).
On the lower side, index major support is around 22350 and any break below will drag the index down till 22200/22000. The major long term support is around 21750.
The near term resistance is around 22600 and any convincing break above will take the index to next level till 22800/23040.
It is good to buy on dips around 22350 with SL at 22200 for the TP of 22460/22800.
