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June 29, 2023The Nikkei got off to a strong start by gaining 317.57 points (+0.97%), only to run out of steam later in the session around 33,528. Currently, the Nikkei is trading around the 33,518 level.
At the same time, Japan Retail Sales came out at 5.7%, better than analyst estimates of 5.4% and improving upon the previous reading of 5.1%.
Visual analysis of the Nikkei's chart shows that Nikkei could be slowing down soon as it approaches resistance at 33,521. Of course, crossing it might suggest further gains are ahead.
The Nikkei shows positive signs, other assets are also on par: CAC gained 0.98% and is now trading at 7,286.32. FTSE goes up 0.52% to trade around 7,500.49.
At the same time, Hang Seng closed at 19,020 (down 0.79%).
Furthermore, the market is looking at Japan Industrial Production projected to come out at -1% — worse than previous data of 0.7%; data will be released today at 23:50 UTC. Japan Tokyo Core CPI (YoY) (Jun) is expected today at 23:30 UTC. Japan Jobs/applications ratio (May) scheduled to come out today at 23:30 UTC.
The Nikkei hit a significant low of 15.42 around 9 months ago, but has since recovered 215,166%.
