• FxWirePro: Nikkei daily outlook

    Source: FxWire Pro - Technicals / 19 Jul 2018 23:59:44   America/New_York

    • Asian markets are trading lower on account of devaluing yuan. US equities was trading lower due to lukewarm corporate earnings report. US market has closed marginal lower with Dow Jones at 2564 (0.53% lower) and S&P500 2804 (0.40% lower). Chinese market is trading lower for fifth consecutive days and has declined 0.15% .It is currently trading around 2768. USD/JPY which is the main indicator of geo political tension is trading weak for second consecutive day. US futures is trading higher with Dow Jones at 24988 (0.28% lower) and S&P500 2797 (0.18% lower). Nikkei is currently trading around 22615 0.50% lower.
       
    • USD/JPY has shown a minor selling till 112.06 after hitting high of 113.13. It is currently trading around 112.33.
       
    • On the lower side, index major support is around 22355 (55- day EMA) and any break below will drag the index down till 22080/21750/21460.
       
    • The near term resistance is around 22800 (trend line resistance) and any convincing break above will take the index to next level till 23040/23200.

    It is good to buy on dips around 22400-450 with SL at 22280 for the TP of 22780/23040.

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