FxWirePro: Nikkei trades slightly higher on positive China’s GDP data, good to buy on dips

• Nikkei opened flat and shown a minor jump of 80 points. The index is trading flat amid positive economic data from China.  Market has not shown any adverse negative reaction on account of Syria strikes. US markets Dow jones and S&P500 has closed almost 0.8% higher. US futures continuing its yesterday bullishness and is trading at Dow jones 24684 (0.38% higher) and S&P500 2690 (0.38%).It is currently trading around 21831 0.06% higher.
   
• US retail sales has shown a good jump in Mar after three straight monthly decline. The boost was mainly due to purchases of motor vehicle and other big ticket items. It rose 0.6% for the month of Mar compared to forecast of 0.4%. China’s GDP data came at 6.8% in the first quarter slightly more than expected.
   
• USD/JPY has once again declined after showing a minor jump above 55- day EMA. The pair hits low of 106.99 almost 100 pips from the high. It is currently trading around 107.03.    
   
• On the lower side, index major support is around 21680 (55- 4H EMA) and any break below will drag the index down till 21410 (200- 4H MA)/21200.
   
• The near term resistance is around 22000 and any break above will take the index to next level till 22200/22420.

It is good to buy on dips around 21400-450 with SL at 21180 for the TP of 21800/22000.