Improving data bullish for Nikkei
Japanese economic data in the recent week were positive on balance. While machine tool orders declined over year more than forecast in July, the current account surplus rose in April and household spending decline over year was less than expected in June. And the producer prices decline over year was slower than forecast. Improving Japanese data are bullish for NIKKEI. On the other hand, preliminary Q2 GDP report will be published next Monday, and a steep drop in gross domestic report is expected. Worse than expected GDP report is a downside risk for Nikkei.
Summary of technical analysis
|Buy stop||Above 23303.4|
|Stop loss||Below 21700.2|
Market Analysis provided by IFCMarkets.com
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