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FxWirePro: Nikkei daily outlook

Source FxWire Pro - Technicals Friday, 12 Jul, 2019 05:05:08 GMT
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Nikkei is trading flat for the past 10 days amid strong US markets. It is trading between 21846 and 21497. ECB meeting minutes show that the central bank is ready for easing and US CPI came at the highest level in 1-1/2 years. The index hits high of 21717 and is currently trading around 21682.

 

US Market- The Wall Street has closed mixed with Dow Jones and S&P500 closed at 27088 (0.85%) and 2999 (0.23%) higher.

 

Japanese Yen- USDJPY has shown a good recovery of more than 50 pips from low of 107.85. The near term support is at 107.50 and any break below targets 107/106.80. The pair is still in bearish mode and any reversal can be seen only above 109. It is currently trading around 108.42.

 

Shanghai composite- Shanghai is consolidating after 1-week of selling. It is trading slightly above 300-day EMA and any break above 21-day MA at 2961 confirms further bullishness. It is currently trading around 2931.

 

Technically, the index is facing strong support around 21484 (300- day EMA) and any violation below will drag the Nikkei till 21241 ( 200- day MA)/21000.

 

On the higher side, near term resistance is around 22000 and any violation below this level will take the index till 22250/22480.

 

It is good to buy on dips around 21450-480 with SL around 21250 for the TP of 22000/22250.

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