• FxWirePro: Nikkei daily trades flat, markets eye FED chair speech

    ソース: FxWire Pro - Technicals / 23 8 2019 02:20:11   America/New_York

    Major resistance- 20800

    Major support - 19900

    Nikkei is consolidating after hitting low of 19923. Markets eye US Fed Chairman Powell speech ion Jackson hole symposium. The Chinese Yuan hits 11 years low on US-China trade war concerns. US 10 year bond yield is trading higher for the 3rd consecutive day and jumped more than 6%.US 10 year and 3-month yield got inverted by 36 basis points. The index is holding above21-day MA and is currently trading around 20704.

    US Market- The Wall Street has closed mixed with Dow Jones and S&P500  26252 (0.19% higher) and 2923 (0.05%). 

    Japanese Yen- USDJPY is trading in a narrow range between 105.05 and 106.98. Any break above 107.10-20 confirms minor bullishness and a jump till 108/109.30 is possible. Bearish continuation only below 104.60.

    Shanghai composite- Shanghai is trading slightly higher and jumped more than 6%. It is currently trading around 2893. Any close above 2912 confirms bullish continuation and jump till 2965 likely.

    Technically Nikkei facing strong resistance around 20800 and any major jump can be seen only if it closes above this level. Any close above targets 21195/21400.

    On the flip side, near term support is around 19900 and any violation below this level will take the index till 19600/19200. The minor support is around 20400/20100.

    It is good to buy on dips around 20350-380 with SL around 20200 for the TP of 21200.