• Nikkei trading extremely bullish and has closed above 21000 for the first time since 1996 on strong global equities and positive earnings by retailers. The index has broken the high of 21261 made yesterday and jumped till 21351.Nikkei has formed a temporary bottom around 20200 and is currently trading around 21301 0.31% higher.
   
•  USD/JPY has shown a minor recovery from the low of 111.69. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The pair's major support is around 111.12 (100- day MA) and any close below  will drag the index till 110/108. It is currently trading around 111.97.
   
• On the lower side, index major support is around 20780 (10- day MA) and any break below will drag the index down till 20550 (20- day MA)/20200/20000.
   
• The near term resistance is around 21300 and any break above will take the index to next level till 21490/21780.
  
  It is good to buy on dips around 20800 with SL around 20600 for the TP of 21580/21780.