• FxWirePro: Nikkei daily outlook

    Source: FxWire Pro - Technicals / 16 Aug 2018 02:12:36   America/New_York

    Asian markets has pared most of its losses made in today’s morning session. US markets declined slightly led by large technology firms such as Alibaba ,Baidu of China and US tech giants such as Facebook and Microsoft. The yen recovered slightly after hitting low of 111.45.US markets closed slightly higher with Dow Jones 25162 (0.54% lower) and S&P500 2818 (0.76% lower).Shanghai has started to decline after showing a minor recovery till 2806. The index lost more than 100 points and is currently trading around 2719. US futures is trading flat with Dow Jones at 25307 (0.39% higher) and S&P500 2829 (0.31% higher). Nikkei is currently trading around 21155 0.92% lower.

    USD/JPY has lost nearly 100 pips from the high of 111.43.It is currently trading around 110.87 (0.19% higher).

    On the lower side, index major support is around 21750 and any break below will drag the index down till 21460/21200.

    The near term resistance is around 22386 (200- day MA) and any convincing break above will take the index to next level till 22438 (10- day MA)/22800/23040.

    It is good to sell on rallies around 22200-250 with SL at 22435 for the TP of 21760/21500.



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