FxWirePro: Nikkei recovers more than 1% on account of weak yen, good to buy on dips

• Nikkei recovered more than 1% from yesterday low on account of weak yen. The yen declined sharply against all majors on easing geo political tensions. US markets Dow jones and S&P500 has closed flat around 0.01%. US futures also continuing its range bound trade and is trading with Dow jones at 24503 (0.2% higher) and S&P500 2672 (0.04% higher).It is currently trading around 22272 0.41% higher.
   
• USD/JPY is trading extremely bullish and jumped more than 100 pips in past two trading session.  It is currently trading around 108.76.    
   
• On the lower side, index major support is around 22140 (55- H EMA) and any break below will drag the index down till 21950 (200- H MA)/21697 (Apr 13th low).
   
• The near term resistance is around 22530 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.

It is good to buy on dips around 21700-725 with SL at 21490 for the TP of 22500.