FxWirePro: South Korean won falls as retail sales, industrial production data miss expectations; hits lowest level since August 2019
FxWirePro: Nikkei hist 2-month high on trade talk optimism,good to buy on dips
Asian markets are trading higher especially Nikkei jumped more than 0.5% on account US-China trade talks optimism and weak yen. US and China trade talks going very well and US President Trump said that Mar 1st deadline for China trade talks not magical date. US market has closed flat with Dow Jones at 25981 (0.03% higher) and S&P500 2779 (0.15% higher).The dollar has gained slightly almost 40 pips in today’s Asian trading session on easing geopolitical tension. The weaker yen has boosted demand for exporters such as automakers and machinery makers. USDJPY hits intraday high of 110.93 and is currently trading around 110.85.
On the lower side, near term support is around 21000 and any break below targets 20630/20450/20170. The index should break below 20000 for further direction.
The near term resistance is at 21400 (100- W MA) and any break above targets 21700/21918.
It is good to buy on dips around 20700-750 with SL around 20450 for the TP of 21500.