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NIKKEI 225 RISES ON WEAKER YEN, WALL STREET RALLY - Capital Street FX

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    • NIKKEI 225 RISES ON WEAKER YEN, WALL STREET RALLY
06-Feb
18:56 IST

Nikkei 225 futures are currently trading at 23880-higher by 0.93% 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 rose 2.38% to close at 23,873.59 on Thursday. The broad-market index advanced to their highest level since 24th January during the session.

The Nikkei 225 gained today after the U.S. index S&P 500 touched a record high on better-than-expected economic data, while traders remained cautious about the impact of the coronavirus outbreak.

The broader Topix surged 2.07% to close at 1,736.98 on Thursday. The index also rose to its highest in 1-1/2 weeks today.

All of the 33 sector sub-indices on the Tokyo Stock Exchange closed higher on Thursday. Oil & coal products and paper & pulp were the top-performing sub-indices today.

The S&P 500 rose 1.13% to a record close of 3,334.69 on Wednesday following upbeat ADP’s private-sector jobs report.

The Japanese currency fell to a two-week 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 that gained on Thursday were Panasonic Corp (surged 1.34%) and Kyocera Corp (advanced 2.01%).

Internet services firm Z Holdings Corp rose 6.0% after it reported a net profit of $685 million for the April-December period, up 7% as compared to a year earlier.

On the other hand, stocks of DeNA Co Ltd plunged 9.7% after it booked a 49.4 billion yen write-down as its gaming business falters in Japan’s saturated mobile market.

On the economic front, Japan’s Household Spending for December is scheduled to be released early on Friday. The index reading is expected to rise by 0.2% on a month-on-month basis.

On the technical front, the RSI is currently at 56.13% 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 17% 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 23860 Take Profit At 24000 Stop Loss At 23790

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