Nikkei 225 Retreats On Weak Export data

Asian indices finished with loses after President Donald Trump threatened to increase tariffs further if China would not agree to a trade deal. The situation gets more complicated after US Senate yesterday passed legislation supporting Hong Kong protesters. The Hang Seng index trades 0.75% lower at 26,887; the Shanghai Composite is 0.78% lower at 2,911. Australian stocks also ended the session lower; the ASX 200 finished 1.35% lower at 6,72.

Nikkei 225 finished 0.62% lower at 23,148 correcting from yearly highs. Nikkei dragged by Nippon Yusen K.K. -4.18%, T&D Holdings Inc. -4.02%, JGC Holdings Corp. -3.71% and Dai-ichi Life Holdings Inc. -3.63%.

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Nikkei 225 Technical Analysis Outlook

The Nikkei index finished lower for the second session in a row following weaker close in Wall Street. On the downside, first support stands at 23,086.1, today’s low, a break below that level might drive prices down to 22,726 low from November 1st while a break of that support level will pave the way for a move down to the major support at 22,450 the low from October 23.

The bullish momentum persists and the index will meet resistance at 23,303 today’s top, a credible close above will open the way for a move up to 23,591 yearly high, before an attempt to the next resistance at 24,310 the high from on October 1st, 2018.More content