Nikkei declined slightly after hitting a 14-month high on account of profit booking and mild strength in the yen. USDJPY lost nearly 40 pips from high after weak US data. US initial jobless claims dropped to -18k to 234K vs forecast of 225k and Philly fed manufacturing index declined sharply to 0.3 in Dec vs estimate 8.5. US markets closed at a fresh all-time high with S&P500 3205 (0.45% higher and Dow 28337 (0.49% higher).
Shanghai continues to hold above 3000 levels for the past 4 days, any break beyond 3050 confirms further bullishness.
On the flip side, near-term support is around 23740 (10- day MA) and indicative break beneath will take the index till 23425/23000.
The 24200 will be acting as resistance, convincing crack over targets 24500/24750.
It is good to buy on dips around 23680-700 with SL around 23450 for the TP of 24280/24400.
