Risk-on mood pushes the Nikkei 1.29% higher

A quick look at yesterday: the Nikkei went up to 27,453 yesterday, gaining 1.29%.

At the same time, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -20,100, while the previous figure was -21,600.

Chart analysis indicates although Nikkei is appreciating today after rising as high as 27,466, price action is now slowing and consolidating around 116.67 points below the 27,570 resistance level. With regards to technical trend indicators, chart analysis show that the Nikkei made an initial breakout above its 10 day Simple Moving Average at 27,446, a potential indicator of a newly emerging bullish phase. Crossed the 27,200 Fibonacci level, next level is at 27,700. Asset volatility analysis shows that the Nikkei's upper Bollinger Band® is at 27,819, this is a slight indication of a slowdown.

Overall, the technical outlook suggests the Nikkei is likely to remain muted for the immediate future, with no clear-cut direction.

Meanwhile, CAC is down to 7,187.27, losing 130.16 points, after ending the previous session around 7,317.43. DAX is down to 15,200, losing 275.69 points, after ending the previous session around 15,476. EuroSTOXX is down to 4,178.82, losing 79.18 points, after ending the previous session around 4,258.

Trading mostly sideways for a month. The Nikkei hit a significant low of 15.42 around 5 months ago, but has since recovered 175,674%.