Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Nikkei trades weak on account of stronger yen, good to sell on rallies

  • Nikkei index declined yesterday after jumping till 19962 on account of stronger yen . U.S dollar declined against all major pairs due to weak economic data.
     
  • U.S housing starts dropped 2.6% to a seasonally adjusted annual rate of 1.7 million units lowest since Nov 2016.
     
  • U.S dollar declined sharply against yen yesterday after forming a temporary top around 114.36. The pair declined till 112.36 and any minor bullishness can be seen only above 113.40. It is currently trading around 112.53.
     
  • On the lower side near term support is around 19700 (10- day MA) and any break below will drag the index down till 19585 (23.6% retracement of 18193 and 20019)/19424 (21-EMA)/ 19106 (daily Kijun-Sen) is possible. 
     
  • The major resistance is around 20000 and any break above will take the index till 20180/20470.

It is good to sell on rallies around 19880-19900 with SL around 20050 for the TP of 19585/19300.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.