• FxWirePro: Nikkei recovers slightly as China stocks jump more than 4%, good to sell on rallies

    Source: FxWire Pro - Technicals / 22 Oct 2018 00:20:58   America/New_York

    Asian markets is trading higher especially Nikkei trading slightly lower. Nikkei pared most of its loss due to good recovery in Chinese stocks. Shanghai composite jumped more than 4% and recovered more than 150 points from the low of 2506.The geopolitical tensions between US and Saudi, Italy and Brexit are the major factors which is putting pressure on markets. US markets has closed slightly higher with Dow Jones 25444 (0.26% higher) and S&P500 2767 (0.04% lower) .Nikkei has recovered more than 300 points from the low of 22392. It is currently trading around 22653 0.53% higher. US futures is trading slightly higher with Dow at 25480 0.20% higher and S&P500 2770 (0.17% higher).

    USD/JPY `has recovered more than 50 pips after hitting high of 112.17. The near term resistance is around 112.78 and any break above targets 113/113.48. It is currently trading around 112.51.

    On the lower side, near term support is around 22300 and any break below 22030/21750.

    The near term resistance is at aid 22680 (200- day MA) and any break above targets 23110/23500.

    It is good to sell on rallies around 22725-750 with SL around 23000 for the TP of 22000.

     

     

     

     

     

     

     

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