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NIKKEI 225 FALLS ON EXPORTERS LOSS AND TRADE UNCERTAINTY - Capital Street FX

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    • NIKKEI 225 FALLS ON EXPORTERS LOSS AND TRADE UNCERTAINTY
19-Nov
19:25 IST

Nikkei 225 futures are currently trading at 23355-lower by 0.08% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the Cash Markets, the Nikkei 225 declined 0.53% to close at 23,292.65 on Tuesday. The broad-market index dropped today as the stronger yen weighed on stocks of exporters, while market participants awaited clarity on the progress of negotiations to end the trade dispute between Washington and Beijing.

Reports on Monday suggested that the mood in China was pessimistic about the prospects of sealing a phase-one trade deal with the U.S.

The Yen rose against the U.S. dollar today, weighing on stocks of exporters. A strong yen cuts exporters’ competitiveness in the global market as well as profits made abroad when converted into local currency.

Exporters Toshiba Corp dropped 3.03%, Toyota Motor shed 1.05% and Fanuc Corp declined 1.49%.

Semiconductor-related firms also underperformed today. Disco Corp shed 2.2%, SUMCO Corp fell 3.1% and Advantest dropped 1.59%.

Index heavyweight SoftBank Group declined 1.34% after news that the New York State Attorney General is investigating WeWork.

Mitsubishi Chemical Holdings fell 3.4% after the company said it will pay $4.5 billion to make Mitsubishi Tanabe Pharma a fully-owned subsidiary.

Domestic-demand sensitive shares ended in positive territory on Tuesday. Drug-maker Daiichi Sankyo rose 2.57% while Realtor Mitsui Fudosan added 0.96%.

The broader Topix inched down 0.23% to close at 1,696.73 on Tuesday.

On the economic front, the Japanese Trade Balance for October is scheduled to be released early on Wednesday. The trade balance is expected to come in at 301.0 billion Yen for the month.

On the technical front, the RSI is currently at 63.84% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Buy At 23335 Take Profit At 23485 Stop Loss At 23255

 

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