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FxWirePro: Nikkei trades higher on hopes of easing trade tension, good to buy on dips

Asian markets are trading higher on hopes on easing trade tension between US and China. US dollar was trading weaker against all majors after Trump’s comment on Fed. Donald Trump in his interview to Reuters has criticized Fed for rising interest rates. USDJPY declined slightly below 110 and shown a minor recovery. US markets closed higher with Dow Jones 25758 (0.35% higher) and S&P500 2857 (0.24% higher).Shanghai  recovered more than 80 points from the low of 2653 and is trading 1.4% higher at 2737on US-China trade talks hopes. US futures is trading higher with Dow Jones at 25781 (0.13% higher) and S&P500 2856 (0.06% higher). Nikkei is currently trading around 22293 0.72% higher.
 

USD/JPY has lost more than 100 pips from the high on account of broad based selling in US dollar. It is currently trading around 110.13 (0.06% higher).
 

On the lower side, index major support is around 21750 and any break below will drag the index down till 21460/21200.
 

The near term resistance is around 22382 (200- day MA) and any convincing break above will take the index to next level till 22438 (10- day MA)/22800/23040.


It is good to buy on dips around 22050-22100 with SL at 21900 for the TP of 22380/22500.

 

 

 

 

 

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