Nikkei Turned Negative
Started trading the stock exchange Tokyo Japan at the end of May (29/5), the Nikkei index turned lower on gains previously traded by turning the strengthening of the Japanese yen in early trading today by the release of the data and the industrial production sector, Japan’s unemployment positive.
Japanese industrial production data released last April before trading began seemed to show any statistically significant increase to 1% from the previous release at -0.8%. as well as the Japanese unemployment data showed a decline to 3.3% from the previous 3.4%.
The shares gave weakening stock indices such as Canon, which opened slumped 0.64%, Isuzu Motors shares shrank 0:56%, Kawasaki Heavy Industries shares fell 0.96%, Nissan Chemical Industries shares slipped 1:13%, Sharp stocks shrank 0:58%.
The movement of Nikkei index looks opened Friday morning slumped 41.19 points, or 0:20% that became 20551.46 points from the previous closing position at 20510.27 points and reached the highest position previously traded at 20655.33 and the lowest point at 20473.55 points previously.
But unlike the movement of Nikkei futures this morning were successfully opened surged by 45 points or 0:21% the previous closing dariposisi 20 550 points at 20 505 points and reached the highest position previously traded at 20 665 points and the lowest was 20 505 points.
Based on the results of the previous closing, the Analyst Vibiz Research Center estimates that the movement of the Nikkei index on Friday will penetrate the first support at 20 480 points by the middle MA5 BB10 daily, if the movement of the index broke through the first support is expected to try to penetrate the next support at 20,400 points with MA5 middle BB10 daily.
If the movement of the index managed to turn toward stronger, it is expected to try to penetrate the first resistance at 20,600 points with MA5 on BB10 daily, if the first resistance is penetrated then expected to try to penetrate the next resistance at 20 684 points with MA5 on BB10 daily.
Technically, the index on the trading session today, Friday (29/5) is likely to strengthen, test positive trend. At the M15 chart bullish hammer formation to provide opportunities for the index to move upside. However, the volume tends to increase, as well as an early indication of bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first resistance level of 20 670 and 20 605 20750. If it fails in, then the next index is expected to tend to retest the support level that is 20 625 and continued until the possibilities are in the area of 20 550.
Dollar Tends To Rises Against Yen
The dollar pulled back from positions ¥ 124.40 against the yen, its highest level since the end of 2002, on Thursday, but still posted an increase. The US currency rose against most of its rivals, with a few exceptions. After starting the session with a weakening against the dollar, the euro rose in afternoon trading after Pierre Moscovici, the European Union’s economic commissioner, said that talks with Greece making progress, but still a lot of work. This caused the euro to end the session slightly higher against the dollar.
Analysts regard the issue of revision of the first Friday for the first quarter gross domestic product. Economists surveyed by MarketWatch had expected GDP to be revised lower, a contraction of about 1%, compared with a preliminary reading on growth of around 0.2%.
USDJPY rose to the position of 124.10 yen, compared with 123.75 yen positions at the end of Wednesday’s session in New York. EURUSD weakened to $ 1.0937 position, from a position of $ 1.0899.
The dollar traded in a narrow range versus the yen for most of this year after rising nearly 20% against the common currency in the second half of 2014.
Technically, the trading session today, Friday (5/29), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 122.80 and 122.00 maximum. Meanwhile, if the Yen were able to break and hold above 123.69, then another alternative scenario the Yen likely to test resistance in 124.00 and 124.80 area.
Gold Flat Amid Greece Uncertainty
Gold was flat on Thursday, as the impact of the strengthening dollar offset by a decrease in European stocks following the fading optimism over the potential deal between Greece and the creditors.
Investors are also monitoring the progress of the meeting of G7 ministers and central bank chiefs in Germany, where the conditions Greece will also be also discussed. Gold is usually used as a hedge against political and financial risk, although the impact on demand is usually only short-lived.
On the physical market, a data released Thursday showed China’s net imports of gold from Hong Kong’s main channel fell to 8-month lows in April.
Technically, gold on the trading session today, Friday (5/29) potential reversal, testing positive trend, but prone to profit taking. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Bands began to shrink, thus giving impetus for gold to the downside.
It is estimated that the gold price immediately prior to test resistance in the area of at least 1193.25 and re-test the maximum level of 1198.90. But if the gold price could not break and survive below 1188.20 then predicted gold prices could potentially test the Support 1185.20 and 1180.25.
