Technical Analysis:
JP225 swept liquidity of previous day low and might continue to the upside. We can look for 15min MSS if we want to go for longs in JP225. We can target 3800 zone and wait for price to break above for further upside move.
Fundamentals:
Japan's private-sector core machinery orders rose a seasonally adjusted 2.1% in June from May, rising for the first time in three months, the Cabinet Office reported on Monday.
The monthly core machinery orders report excludes the volatile orders from shipbuilders and electric power companies, and tracks incoming business at 280 large manufacturers. The machinery orders report is considered an indicator of capital-equipment spending plans, and thus business confidence, in Japan.
The total value of machinery orders, including the non-core categories, decreased by 6.0% in June from the previous month on a seasonally adjusted basis, reported the Cabinet Office.
Looking ahead, in the third quarter total machinery orders were forecast to decrease by 3.8% on quarter, but core private-sector orders were projected to increase by 0.2% from the previous quarter, said the Cabinet Office.
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