Asian markets are trading higher especially China’s Shanghai jumped more than 2.5% on US-China trade deal hopes and MSCI announced to quadruple weighting of China mainland shares.Nikkei is trading higher for 4th consecutive week and jumped more than 8.5% from low of 20228.US market has closed slightly higher with Dow Jones at 26026 (0.43% higher) and S&P500 2803 (0.69% higher). USDJPY has recovered sharply and has jumped more than 170 pips in previous week.It hits high of 112.07 and is currently trading around 111.96.
On the lower side, near term support is around 21580 (55-W EMA) and any break below targets 21200 (20- W MA)/21000/20800.The index should break below 20800 for further direction.
The near term resistance is at 22000 and any break above targets 22380/22700.
It is good to buy on dips around 21500-525 with SL around 21200 for the TP of 22700.
