FxWirePro: Nikkei hovers near 8-month high, markets eye US fed monetary policy

Asian markets is trading flat with Nikkei trading near 8-month high. Markets eye US fed monetary policy. Investors expect fed to hike rate by 25bpbs. US 10 year bond yield trades higher and hovers near seven year high. Previously it hits high of 3.129% on May 18th and any break above this level confirm further jump.USDJPY is holding well above 112 and this is supporting export related firms. Shanghai composite has jumped more than 1% and has broken major resistance of 2806 high made on Aug 10th 2018. It is currently trading around 2813 (1.14% higher). US markets closed slightly lower with Dow Jones at 26492 (0.26%lower) and S&P500 at 2915 (0.13% lower). US futures are currently trading slightly higher with Dow Jones 26552 (0.15% higher) and S&P500 2915 (0.15% higher). Nikkei is trading around 23945 (0.25% higher).

USD/JPY is trading higher and has shown a minor above 113 level. It hits high of 113.02.It is currently trading around 112.90.
 

On the lower side, index near term support is around 23750 and any break below will drag the index down till 23540 (23.6% fib)/23200/23100 (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.