FxWirePro: Nikkei trades weak on rising oil price, good to buy on dips

• Asian markets are trading mixed after Donald Trump’s sanctions on Iran. Donald Trump announced yesterday that US will withdraw from 2015 nuclear deal and once again will re impose sanctions on Iran. Crude jumped sharply almost $1.50 to $70.64 and Brent crude hits fresh 3 year high at $76.69. Asian markets especially Japanese and Indian market is trading weak as they import crude a lot. Any rise in price will affect the import bill which in turn affect their trade deficit.US stock indices has closed flat yesterday with Dow jones 24360 (0.01% higher) and S&P500 2671 (0.% higher). US futures is trading flat with Dow jones at 24351 (0.02% higher) and S&P500 2668 (0.05% lower). It is currently trading around 22490 0.09% higher.
   
• USD/JPY recovered slightly almost more than 90 pips after hitting low of 108.64. Any close above 110 confirms minor bullishness and a jump till 111/112 likely.  
    
• On the lower side, index major support is around 22300 (100- day MA) and any break below will drag the index down till 22190 (20- day MA)/21697 (Apr 13th low).
   
• The near term resistance is around 22620 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 22160-200 with SL at 22000 for the TP of 22500/22680.