FxWirePro: Nikkei trades lower on escalating trade worries, good to buy on dips

Asian markets are trading slightly lower and hits 14 month low with Nikkei lost almost 0.50% on escalating trade war between US and China and trade talks outcome between US and Japan. US markets closed slightly higher with Dow Jones at 25971 (0.44% higher) and S&P500 at 2887 (0.37% higher). Nikkei index selling was mainly due to decline in chip related stocks and machine toll makers on weak industry data. US futures are currently trading flat with Dow Jones 26000 (0.05% higher) and S&P500 2888 (0.05% higher). Nikkei is trading around 22621 (0.40% lower).
 

USD/JPY has gained more than 100 pips from the low of 110.38. It is currently trading around 111.56 (0.06% lower).
 

On the lower side, index near term support is around 22367 and any break below will drag the index down till 22100. The major long term support is around 21750.
 

The near term resistance is around 22653 and any convincing break above will take the index to next level till 22800/23040.

It is good to buy on dips around 22370-400 with SL at 22100 for the TP of 23000.