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March 14, 2023
As the current session draws to a close, the Nikkei remains in the 27,100 – 27,456 range after dropping 2.26%.
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The iShares U.S. Treasury Bond ETF has gone up 0.93% to trade at $23.27, thereby indicating that government bond yields were downbeat across the yield curve. The one year Treasury rate declined to 4.3%.
Nikkei made an initial break below its 200 day Simple Moving Average at 27,219, a possible indication of a forthcoming negative trend. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at 26,833, a low enough level to, generally, suggest that the Nikkei is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the Nikkei.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index drops 2.24% to trade around 2,356.49. DAX is down 468.5 points from the beginning of the session and now trades around 14,959. CAC is down to 7,011.5, losing 209.17 points, after closing at 7,220.67 in the preceding trading session.
Furthermore, Japan Exports is projected to outperform its last figure with 7.1%, having previously been at 3.5%. The figure will be published tomorrow at 23:50 UTC. Japan Trade Balance (Feb) is scheduled for tomorrow at 23:50 UTC. Japan Monetary Policy Meeting Minutes will be released today at 23:50 UTC.
Trading mostly sideways for 2 months. The Nikkei hit a significant low of 15.42 around 5 months ago, but has since recovered 180,400%.
