| 
June 22, 2023While the Nikkei is on a 5 day uptrend Today's session might suggest a slow down — the Nikkei trades at 33,527, after ending yesterday at 33,575.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The Nikkei's upper Bollinger Band® is at 34,141, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests the Nikkei could be primed for a break to the downside.
At the same time, mixed performances are seen elsewhere as Hang Seng is down to 19,218, losing 381.65 points, after closing at 19,600 in the preceding trading session. ASX 200 is down 58.8 points from the beginning of the session and now trades around 7,256.2.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as Japan National Core CPI (YoY) (May) will be released today at 23:30 UTC. Japan Services PMI figure is projected at 56.2. It previously stood at 55.9; data will be released tomorrow at 00:30 UTC. Japan CFTC JPY speculative net positions is scheduled for tomorrow at 20:30 UTC.
The index has been trending positively for about 2 months. The Nikkei hit a significant low of 15.42 around 9 months ago, but has since recovered 217,638%.
