FxWirePro:Nikkei hits 2- year high on weak yen, good to buy on dips

• Nikkei hits two year high on hawkish Fed statement and weak yen. The pair hots high of 20497 and slightly declined from that level.It is trading around 20397 0.05% higher.
• Fed signalled that there might be one more rate hike this year and also informed they will reduce its balance sheet by next month.
   
• USD/JPY has broken major resistance of 112.20 and jumped till 112.64 at the time of writing. Any convincing break above 112.20 will take the pair to next level till 113/114.50.It is currently trading around 112.45 Short term support is around 107.30 and any break below targets 106.
   
• On the lower side, index major support is around 2000 and any break below will drag the index down till 19850 (100- day MA)/ 19598 (20- day MA)/19425 (61.8% retracement of 19144 and 19899)/19250 (233- day MA)/19144.
   
• The near term resistance of Nikkei is around 20500 and break above will take the index to 20905/21000. 

It is good to buy on dips around 20200 with SL around 20000 for the TP of 20500/20900