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FxWirePro: Nikkei Daily Outlook
Nikkei trades slightly lower after Fed Chairman comments on the rate cut. The Fed Chairman Powell said that the U.S economy is growing slightly lower from May on account of trade uncertainties and global growth concerns. The Central bank to reassess the next move on interest rates based on this. Markets are awaiting Trump and Xi Jinping meeting in the G20 meeting for further move.
US Market- The Wall Street has closed lower after Fed Chairman comments with Dow Jones and S&P500 closed at 26548 (0.67%) and 2917 (0.95%) lower.
Japanese Yen- USDJPY has halted its 6 days of weakness and jumped more than 50 pips. The pair is still in bearish mode and any reversal can be seen only above 109. It is currently trading around 107.46.
Shanghai composite- Shanghai is struggling to hold above 3000 levels and declined more than 2% from high of 3012. Any major movement only after Trump and Xi Jinping meeting.
Technically, the index is facing strong support around 21038 (20- day MA) and any violation below will drag the Nikkei till 20675/20465/20200.
On the higher side, near term resistance is around 21257 and any violation below this level will take the index till 21589/22000.
It is good to stay away from the market till G20 meeting