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NIKKEI 225 RISES ON WEAKER YEN; CPI AWAITED - Capital Street FX

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    • NIKKEI 225 RISES ON WEAKER YEN; CPI AWAITED
20-Feb
18:41 IST

Nikkei 225 futures are currently trading at 23542-lower by 0.27% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the Cash Markets, the Nikkei 225 rose 0.34% to close at 23,479.15 on Thursday.

The Nikkei 225 gained today as a weaker yen lifted automakers, although the gains were limited by tensions over the impact of the China-linked virus outbreak.

The broader Topix added 0.16% to close at 1,674.48 on Thursday.

The Nikkei 225 pared most of its early gains on news that two people from the coronavirus-hit cruise ship anchored off Yokohama have died and 29 were in a critical condition.

Around two-thirds of the thirty-three, sub-indices on the Tokyo Stock Exchange closed higher today. Transport equipment, mining and paper, and pulp were the top-performing sectors on Thursday.

The Japanese Yen hit a near 10-month low versus the US dollar overnight. 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 that gained on Thursday were Subaru Corp (surged 2.4%), Toyota Motor Corp (rose 2.77%) and Kyocera Corp (advanced 0.89%).

Index heavyweight SoftBank Group surged 3.36% after the company disclosed its plans to borrow up to $4.5 billion from 16 domestic and foreign financial institutions.

Index component Seven & I Holdings Co Ltd plunged 8.8% after news that the company is in exclusive talks to buy Marathon Petroleum Corp’s Speedway business.

On the economic front, Japan’s National Core CPI (YoY) for January is scheduled to be released early on Friday. The CPI is expected to rise by 0.8% on a year-on-year basis.

On the technical front, the RSI is currently at 50.39% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 47% 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 23520 Take Profit At 23660 Stop Loss At 23450

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