by Chris Becker
With the BOJ still confirming that it is pressing the helicopter money button, the Yen sold off to buoy Japanese markets as a bounce in iron ore helped lifted domestic stocks to end the week more positively.
In China, the Shanghai Composite is sliding down going into the close, off by 0.2% to 3165 points, still well below the key support level at 3200 and heading for the next level at 3100. The Hong Kong based Hang Seng is doing a little better, up 0.15% to build on yesterday’s gains, pipping just above 24000 points as it holds just above the trailing ATR support zone at 23700:
The Nikkei is having a solid day, up 1% or more to 18620 points as the Yen slides against USD. The USDJPY pair has broken above the 109 handle and rolling resistance to make a positive move higher, supported by momentum on the four hourly chart. My target is up at 110.7 at best:
S&P futures are building slowly as risk trade returns to more positive bent to end a mixed week:
The ASX200 is also building on its previous positive session, closing up 0.6% to 5854 points, with some big rises in iron ore stocks on the 5% bounce in China while financials are doing well too, up 1% in short covering.
The Aussie dollar is trying to claw back above the 75 handle proper against USD and is doing better than I expected here, up to 75.40 with firm support at 75.10 or so a potential uncle point to ride out a long over the weekend:
The data calendar tonight ends the week with a slew of preliminary services PMIs in Europe and the US plus another oil rig count.