Yen Strengthening Weight the Nikkei
Japanese stocks, the Nikkei, continued weakness in the beginning of the week on Monday (04/04/2016), the strengthening of the yen still provide the load against the movement of the Nikkei.
Throughout last week, the Nikkei fell as a result of Japan’s economic data were varied, as well as the yen continued to strengthen against the dollar.
The latest data released Friday, shows the level of confidence in Japanese manufacturers worsened in the first quarter of this year. Data released by the Bank of Japan (BoJ) showed major Japanese manufacturing company sentiment fell to 6 in the period from January to March, compared with the previous quarter by 12.
Vendor large manufacturing also plans to trim capital spending by 0.9% in the fiscal year that began in April, which is also greater than economists’ estimates of 0.7%.
Technically,
Resistance: 16230 16300 16400 High / Low: 16235/16025
Support: 16100 16020 15880 Running Price: 16165
Comment: For intraday trade today suggest Buy at level 16000, stop and reversal if break below 15950 level targets and targets at the level of 16 350 15800
USDJPY Observed Down
Forex news on Monday (4/4), observed US dollar weakened against the yen after the release of a report this morning Japan’s economic fundamentals.
Ongoing Asian trade, USDJPY tracked down 12:11% by trading at the level of 110.45. In US dollar index which shows the performance of the greenback against a basket of six other major currencies observed to weaken 0:11 at the level of 94.48%.
The US dollar experienced demand weakness observed in earlier this week, after the market met the Japanese economic fundamentals report this morning. Based on the official report released by the Bank of Japan increased 28.5% in April, after rising 29.0% in March.
Meanwhile, the RBA minutes and a series of reports on global service activities has become critical to good movement on the forex and commodity markets earlier this week
Technically,
Resistance: 111.90 112.40 112.90 High / Low: 111.77 / 111.40
Support: Running 110.10 110.60 111.00 Price: 111.46
Comment: For intraday trade today suggest Buy at 111.00 and stop loss at the level of 110.70 and the level of the target at the level of 111.90.
Gold Prices Down 1 Percent
Gold prices fell 1 percent in late trading day weekend Friday after March US jobs data beat expectations, calming some fears about the US economy and sparked speculation about a US rate hike is likely to be run by the US Federal Reserve this year.
US employers added 215,000 jobs in March, payrolls report showed, against expectations for 205,000. Traders are now expecting the Fed will raise interest rates as quickly as November, compared to before the previous December.
Apot Gold prices fell 1 percent at $ 1,220.07 an ounce, having earlier touched a session low of $ 1,208.45, while the price of US gold futures for June delivery fell $ 12.1 an ounce at $ 1,223.50.
The precious metal gained its biggest quarterly rise in nearly 30 years in the three months to March, collecting more than 16 percent as hopes faded that the Fed will move to raise interest rates after their first increase in nearly a decade in December.
Gold prices have risen as much as 2 percent earlier this week after Fed Chairman Janet Yellen said the US central bank should proceed only cautiously with further interest rate hikes. The metal fell 3 percent last week after hawkish comments from some Fed officials.
Physical gold demand in key Asian markets of China and India have come down this week due to higher prices, traders said. Demand for gold in India in the March quarter about two-thirds of last year to its lowest level in seven years.
Technically,
Resistance: 1222.10 1224.60 1226.40 High / Low: 1222.20 / 1218.40
Support: 1218.70 1215.00 1212.50 Running Price: 1220.50
Comment: For intraday trade today suggest Buy at level 1215.50 1213.00 stop loss at the level and the target at the level of 1225.50.
