Asian markets are trading higher especially Nikkei jumped more than 5% in previous week on account US-China trade talks optimism and weak yen. US market has closed higher with S&P500 and Dow Jones was trading higher 8th consecutive week and has closed well above 200- day MA.The dollar has gained sharply yesterday against yen and jumped more than 100 pips from low. The weaker yen has boosted demand for exporters such as automakers and machinery makers. USDJPY has lost more than 60 pips from the high of 111.12 and is currently trading around 110.52.
On the lower side, near term support is around 21000 and any break below targets 20630/20450/20170. The index should break below 20000 for further direction.
The near term resistance is at 21400 (100- W MA) and any break above targets 21700/21918.
It is good to buy on dips around 20700-750 with SL around 20450 for the TP of 21500.
