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NIKKEI 225 INCHES UP ON WEAKER YEN, SINO-U.S. TRADE DEAL OPTIMISM - Capital Street FX

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    • NIKKEI 225 INCHES UP ON WEAKER YEN, SINO-U.S. TRADE DEAL OPTIMISM
14-Jan
18:50 IST

Nikkei 225 futures are currently trading at 23940-higher by 0.15% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the Nikkei 225 added 0.73% to close at 24,025.17 on Monday. It was the benchmark’s highest closing level since 17th December.

The broad-market index advanced today as signs of goodwill between the U.S. and China supporting risk assets ahead of the planned signing of an initial Sino-U.S. trade deal.

The broader Topix inched up 0.31% to close at 1,740.53 on Tuesday. It was the benchmark’s highest close since December.

The U.S. Treasury Department on Monday reversed its decision to designate China as a currency manipulator.

The announcement came as the Chinese Vice Premier arrived in Washington ahead of the planned signing of trade agreement aimed at reducing tensions between the two nations.

The Japanese currency fell to about eight-month low against the U.S. dollar today. A weaker JPY raised hopes of brighter earnings for Japanese exporters. The weaker yen boosts the value of exporter profits made abroad when repatriated (in local currency).

Exporters which gained on Tuesday were Tokyo Electron (soared 1.85%), Panasonic Corp (surged 1.7%) and Kyocera Corp (advanced 0.76%).

Index’s top two heavyweights also outperformed today. Stocks of Fast Retailing and SoftBank Group Corp advanced today on futures buying.

Index component Aeon rose 2.59% after the company announced the first change in its top leadership in 23 years.

Stocks of Nissan Motor touched their lowest level in 8-1/2 years today. Stocks of the company fell on concerns that its alliance with Renault was headed for a break up without Carlos Ghosn.

Other top percentage gainers in the index include- FamilMart Co Ltd (rose 4.3%), JFE Holdings Inc (added 4.1%) and IHI Corp (advanced 3.9%).

On the technical front, the RSI is currently at 57.99% and suggests that the market can move in the downward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 26% and suggests that the market can move in the upward direction.

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

 

Trade Suggestion- Limit Buy At 23910 Take Profit At 24050 Stop Loss At 23840

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