| 
July 03, 2023
Today at a glance: after finishing Friday at 33,200, the Nikkei went up to 33,763 before paring its losses and closing at 33,753.
At the same time, Japan Tankan Big Manufacturing Outlook Index (Q2) came out at nine, while a consensus of analysts was expecting five. Japan Tankan Large Manufacturers Index (Q2) released yesterday at 23:50 UTC with a figure of five, while the previous figure was one. Fresh Tankan All Big Industry CAPEX (Q2) data from Japan came out at 13.4.
Trend analysis indicates that investors are seeking long positions as Nikkei price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In the Nikkei's case, the index has risen above 70, signalling that the asset is overbought. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at 34,427, thereby suggesting that the Nikkei is becoming overvalued. Chart analysis suggests the Nikkei price action is currently oscillating around the 33,745 resistance level with prices moving above and below several times during the session.
Overall, while the Nikkei has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
The Nikkei shows positive signs, other assets are also on par: Hang Seng is trading around 19,300 after ending today's session at 18,916 (up 2.06% today). Notably, KOSPI Composite Index rose 1.49% today and closed at 2,564.28. ASX 200 increases 0.59% today and closed at 7,203.3.
Also worthy of note, Japan 10-Year JGB Auction is expected tomorrow at 03:35 UTC.
9 months ago, the Nikkei fell to a low of 15.42 but has since recovered 215,134%.
