Nikkei Slips By Yen
The Japanese yen continued strengthening of the Asian session Monday morning (2/11), looks back pressure for movement of the Nikkei this morning, reaching the lowest level in two weeks.
Plus the Japanese Yen appears suppress seed stocks this morning as stocks GS Yuasa, which opened slumped -4.11%, -3.20% shares Konica Minolta, Nippon Sheet Glass -1.90%, -1.67% stake Panasonic, Sumitomo Metal -5.8% , JFE Holdings -3.90%, shares of Nisshin Metal -2.9%, Hitachi Construction Machinery shares -1%, shares of Mitsubishi UFJ Financial Group -2%, and shares of Mitsui Financial Group -2%.
Nikkei spot index movement looks opened this morning slumped 271.84 points, or -1.42%, to 18811.26 points of the position into the end of the previous week’s closing at 19083.10 points position and managed to record the highest shares surge in the stock market before the end of trading at 19202.34 position points and the largest drop at the end of the previous week on the position of 18784.69 points.
Behitu well as the movement of the index Nikkei this morning, who also opened down sharply by to be 18,835 points from the closing position at the end of trading stock exchanges previously at position 18 935 points and managed to record the highest increase at the end of trading the stock market the previous weekend at position 19 215 points and The biggest decline in the position of 18 685 points.
Based on the results of the closing movement of the Nikkei index traded before, then Analysr estimate that the movement of Nikkei index today will potentially reverse direction weakened by penetrating the first support at position 18,800 points with MA5 middle BB10 H4, if the movement of the index broke through the first support it is expected to try to penetrate the second support at 18,600 points with MA5 position under BB10 H4.
If the movement of the index managed to turn toward stronger, it is expected to try to penetrate the first resistance at 19 255 points with MA5 position on BB10 H4, if the movement of the index broke through the first resistance is expected to try to penetrate resistance at the second position with 19.470 points MA5 on BB10 daily.
Technically, the index on the trading session today, Monday (02/11) 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 increase, an early indication of bullish index. In addition, RSI, the M15 chart, was oversold, signaling upside.
It is estimated, the index test the first support level 18700 and 18650. If it fails at 18 760, then the next index is expected to tend to retest the resistance level that is 18 790 and is likely to be continued until the 18840 area.
Yen Surviving Stronger
Yen last rose in early Asian trading on Monday (2/11) morning, as from the BoJ who maintained its monetary policy.
USDJPY fell -0.10% to a level of 120.50. Japanese data will be released with a projected final manufacturing PMI 52.1 from 52.5. While China will report Caixin manufacturing PMI for the month of October with a forecast of 47.7 from 47.2 in the previous month.
Chinese Premier Li Keqiang provide assurance over the weekend that the economy can sustain for some time, and the consumption of the country also has “a lot of room to grow.” But after the PBOC cut interest rates in the last month, the real interest rate for borrowers is still high.
Technically, the trading session today, Monday (02/11), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 120.00 and 119.25 maximum. Meanwhile, if the Yen is able to break and hold above 120.44, then another alternative scenario the Yen chance to test the resistance at 120.80 and 121.30 area.
Gold Continue Decline
Gold extended weakness 3-weekly on Friday, as investors sold depressed by expectations of monetary tightening in the US. The gold price ended at the level of $ 1141.44 per troy ounce, down 0.37%. Outflow of gold market continues especially when Federal Reserve officials Wednesday said it would consider a higher interest rate at the meeting in December. Gold is an asset of non-interest so as not to be disadvantaged in a climate of higher interest rates.
US economic indicators released Friday by the contradictory results are not able to inhibit the decline of gold. Chicago area manufacturing data weighed on gold satisfactory, but consumer spending data and PCE index in September were lower than expectations referring to the economic growth is slowing. The Fed repeatedly said it will shift to tightening monetary policy will depend on positive economic data.
The next focus will be on US employment data, the Non-Farm Payroll (NFP), which will be released on Friday, November 6. This indicator will provide a picture of labor market conditions in the US as one of the main inputs of the Fed’s monetary policy decisions. The data were better than expected gold can be re-dropped.
Technically, gold in today’s trading session on Monday (02/11) 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 Band begins to widen, thus giving impetus for gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1133.33 and re-test the maximum level of 1128.73. However, if the price of gold is able to break and hold above 1138.70, the predicted gold prices could potentially test Resistance ie, 1140.40 and 1145.72.
