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FxWirePro: Nikkei Daily Outlook

Major resistance- 21300 (200- day MA)

 

Major support - 20700

 

Nikkei is trading in narrow range between 21330 and 20971 ahead of Fed . The index is holding above 21000 level. It is currently trading around 21041.

 

US Market- The Wall Street is trading flat with minor gains in NASDAQ and markets eye Fed monetary policy on Wednesday . Dow Jones and S&P500 closed at 26112 (-0.07%) and 2889 (0.09%).

 

Japanese Yen- USDJPY has more than nearly 40 pips from high 108.71 and still trading below trend line resistance 109 and this shows overall trend is still in bearish mode. Any break below 107.80 confirms further bearishness.It is currently trading around 108.30.

 

Shanghai composite- Shanghai declines once again after hitting high of 2925 .In past 1-week the index jumped more than 3.5%. It is currently trading around 2889. Any break above 2945 confirms bullish continuation and jump till 3000/3020 likely.

  

Technically Nikkei facing strong resistance around 21300-330 (200- day MA and Jun11th high) and any major jump can be seen only if it closes above this level. Any close above targets 21508 (300-day EMA)/21642 (61.8% fib)/21800.

 

On the flip side, near term support is around 21000 and any violation below this level will take the index till 20700/20500/20291 (Jun 2nd low).

 

It is good to stay away till Fed monetary policy

 

By Rangarajan Hariharan
  • Market Data
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