Nikkei Sharp Rise After Break Top Two Months
The Nikkei in Thursday trading this morning (12/2) succeeded in open shot after the trade was closed to celebrate the anniversary the State of Japan. Strengthening in early trade today responded to the weakening Japanese yen against the US dollar and report booking engine for Japan increased in December.
The Japanese yen weakened against the US dollar in late US trading session last night which caused the landing of Japanese lonely and strong pressure from the US dollar makes Japanese Yen weakened by 106 points or 0.88% which is 120.47 points from 119.47 points at the opening position to achieve the highest at 120.48 and the lowest achieving at 119.28.
Besides respond weakening Japanese yen, investors are also responding to new data releases Booking Engine for December 2014 which jumped to 8.3% from the previous month’s data was 1.3% and the release of the results are also far from the expectations of economists who would be 1.3%.
Stocks that became pengerak strengthening in trade today is a blue-tier stocks such as Sony jumped 3.4%, Toyota Motor rose 2%, Canon jumped nearly 2% and 2% shares jumped Thosiba.
Spot Nikkei index opened higher this morning trading at 246.72 points, or 1:38% which became 17899.40 points from its previous close at 17652.68 position to reach the highest point at 17673.27 points and the lowest achieving at 17550.03 points. Similarly, the Nikkei index futures this morning opened higher by 30 points or 0:16% which is 17 945 points from its previous close at 17 915 positions to reach the highest point at 17,980 points and reached the lowest at 17 790 points.
Based on the close of trading before her, then according to analyst Vibiz Research Center estimates that trade movement today’s Nikkei index will move in the positive territory with a resistance level at 17,980 points and 18 099 points and support level at 17 910 points and 17 785 points.
Technically, the index on the trading session today, Thursday (12/02) likely to weaken, test negative trends, the impact of Wall Street. At the M15 chart bearish engulfing formation provides opportunities for the index to move downside. However, the volume tends to rise, early indications bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first support level that is 17860 and 17830. If it fails at 17 915, then the next index is expected to tend to retest the resistance level that is 19 740 and continued until the possibilities are in the area of 17 990.
Mighty Dollar vs Yen Amid Uncertainty Greece
The US dollar rose sharply to its highest level in five weeks against the yen due to the anticipation of potential investors on Fed interest rate rise much faster than the ECB and the BoJ.
The investor has invested in US asset markets over the past year amid expectations of higher interest rates, thus lifting the performance of the dollar rose 14% compared to Yen. Most market participants also expect the dollar might continue in 2015, especially after last week’s nonfarm payrolls data showing the increase in wages and stable growth of the labor market in the month of January.
The dollar more attractive amid euro zone situation of uncertainty tinged Greek membership and ECB policy is still very accommodative because Europe is still battling deflation.
So far the pairing USDJPY rose 0.81% to 120.38, after reaching the highest point at 120.43 intraday and daily lows at 119.29.
Technically, the trading session today, Thursday (12/02), the dollar yen pair a chance to move in the negative trend.
The weakening of the yen mainly expected soon reexamine the minimum support at 118.10 and 116.25 maximum. Meanwhile, if the Yen was able to break and hold above 120.05, then the other alternative scenario that Yen chance to test resistance in 121.25 and 123.30 area.
Gold Rebounds Over Greek Bailout Deal Fails
Gold rebounded from the lowest level in a month as European leaders failed to reach an agreement on Greek bailout program after talks in Brussels.
Gold is currently up about 0.4% to $ 1,223.57 and $ 1,222.60 dikisaran traded at 9:02 pm on Thursday. Earlier, gold fell to $ 1,215.30, it is the lowest level since January 9, after the dollar rose to its highest level in 10 years.
Gold rose by 3.3% this year due to the Greek crisis and more stimulus in Europe and Asia to Balance the impact of a stronger dollar and the outlook for US interest rates higher. Eurozone Ministers failed to reach a mutual agreement on their emergency meeting on how to maintain the flow of the Greek bailout and will hold talks back next week. The risk of deadlock would make Greece without funding until the end of this month, when the current bailout ends.
“We continue to see the conflict in the gold market,” said analyst from Australia and New Zealand Banking Group Ltd., which quotes from focus strengthening of the dollar against the bullish drive from haven demand. “Greece is still the focal point with the negotiations deadlocked report.
Eurogroup leader Jeroen Dijsselbloem said that at the time they were trying to find a solution, they have not been able to reach a mutual agreement on how the next steps to be taken. Greek government officials said that no agreement was made and the government will not accept an extension of the existing bailout.
Technically, gold in today’s trading session on Thursday (12/02) potentially bearish, tested negative trend back, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Bands that began to widen, thus giving impetus to the gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1217.33 and re-test the maximum level of 1212.73. However, if the price of gold is able to break and hold above 1222.30, the estimated price of gold could potentially test the 1225.40 and 1230.72 resistance.
