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FxWirePro: Nikkei trades steady, markets eye US- China trade talks

  • Asian markets are trading flat as market eyes US-China trade talks in U.S markets yesterday. US and China launch a second round of trade talks on Thursday to avert trade tariff war. Trump admin sought $200 billion reduction in China’s $375 trade surplus. Dow jones 24714 (0.22% lower) and S&P500 2720 (0.09% lower) closed marginally lower. US futures is trading marginally positive with Dow jones at 24714 (0.23% higher) and S&P500 2724 (0.19% higher). It is currently trading around 22919 0.11% higher.
     
  • USD/JPY jumped almost more than 150 pips this week. Any close above 111 confirms further bullish continuation and a jump till 111/112 likely.  The weaker yen also supporting Nikkei price.
      
  • On the lower side, index major support is around 22640 (daily Tenkan-Sen) and any break below will drag the index down till 22480 (20- day MA)/22295 (100- day MA)/22000.
     
  • The near term resistance is around 23000 and any break above will take the index to next level till 23280/23500.

It is good to buy on dips around 22750-800 with SL at 22650 for the TP of 23480.

 

 

 

 

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