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

• Nikkei has jumped slightly on weak yen and snap election hopes. The pair jumped after hitting low of  at the time of writing and is trading around 20380 0.27% higher.
   
• Japan PM Shinzo Abe is expected to call a snap election on Monday and polls are to be preponed one year earlier.
    
• USD/JPY has recovered slightly after hitting low of 111.65. The near term support is around 111.11 (100- day MA) and any convincing break below  will take the pair to next level till 110/108. It is currently trading around 112.23. Short term support is around 107.30 and any break below targets 106.
   
• On the lower side, index major support is around 20180 (7- day MA) and any break below will drag the index down till 20000/19840 (100- day MA)/ 19780 (20- day MA)/19425 (61.8% retracement of 19144 and 19899).
   
• The near term resistance is around 20500 and break above will take the index to 20905/21000. 

It is good to buy on dips around 20000  with SL around 19850 for the TP of 20500.