By IFCMarkets

Technical setup bearish for Nikkei

Japanese economic data of the latest week were mixed. Retail sales rose in June, unemployment ticked down, industrial production grew in June, and consumer confidence continued to improve fourth month in a row in July. Thus, retail sales rose 13.1% over month in June after 1.9% growth in May, industrial production rose 2.7% in June after 8.9% drop in May, unemployment slipped to 2.8% from 2.9% in May, and consumer confidence index increased to 29.5 in July, the highest in 4 months, from 28.4 in June. At the same time both construction orders and housing starts declined more in June. Continuing weakness in economic activity is bearish for Nikkei. On the other hand improving data are upside risk for Nikkei.

Summary of technical analysis

Market Analysis provided by IFCMarkets

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