Nikkei 225 index started the week lower as equity markets looking for equilibrium after the recent macroeconomic data that raised fears of a recession. On Friday investors cheered the lowest unemployment rate in the US the last 50 years. Aussie stocks finished higher the ASX 200, ended 0.71% higher at 6,563.
Nikkei 225 finished 0.16% lower at 21,375 in low volumes after the Japan August leading index came in at 91.7 in line with expectations. Japan Coincident Index came in at 99.3 below expectations of 101.1 in August.
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Nikkei Support and Resistance Levels
The Nikkei retreated today despite the positive opening, keeping the positive momentum, as the index holds above all major daily moving averages. On the downside, immediate support stands at 21,328, today’s low and then at 21,220 the 100-day moving average. A break below that level might open the way for a move down to 20,800 the low from September 5th. On the upside resistance for the Nikkei 225 stands at 21,475 today’s high, a break above, will set the stage for a move up to 22,180 the high from May 7th.
In Asian forex markets USDJPY trading 0.01% lower at 106.88 the Aussie dollar trades 026% lower at 0.6750, while Kiwi trades 0.03% lower at 0.6311 versus USD. Gold trades lower today at 1,501, while WTI crude oil is 0.42 higher at $53.03per barrel.Download our latest quarterly market outlook for our longer-term trade ideas.
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