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Nikkei 225 Consolidates at Yearly Highs


Asian indices ended slightly lower today as investors digest the recent developments on Brexit and confusing headlines over trade deal between China and the USA. The Hang Seng index finished 0.41% higher at 26,774, the Shanghai Composite ended 0.15% lower at 2,974, while the Singapore Straits Times is 0.68% lower at 3,142. Aussie stocks also finished higher; the ASX 200 ended 1.27% higher at 6,113.

Nikkei 225 finished 0.09% lower at 22,451 as the index retreats from yearly highs after encouraging earnings from USA. Nikkei boosted by IHI Corp. +2.86%, Yamato Holdings +2.66%, Sony Corp. +2.10, and Rakuten Inc. +1.88%.

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Nikkei Technical Analysis

The Nikkei index jumped to fresh YTD highs yesterdays, as the full bullish momentum is intact and the index holds above all major daily moving averages. Today equity investors are more cautious taking some profits off the table as the RSI (14) index is approaching overbought levels. On the upside resistance for the Nikkei 225 stands at 22,522 today’s high, a break above, will set the stage for a move up to 26,630 yearly highs, and then at 22,700 the high from December 3, 2018. On the downside, immediate support stands at 22,424, today’s low and then at 21,270 the 100-day moving average.

In Asian forex markets USDJPY trading 0.01% lower at 108.76 the Aussie dollar trades 0.36% higher at 0.6782, while NZDUSD trades 0.15% higher at 0.6300 versus USD. Gold trades higher today at 1,490, while WTI crude oil is 0.90 lower at $52.88 per barrel.