The Nikkei has shed 0.71% as US yields rally across the board

Today at a glance: the Nikkei slid into the red after losing 203.6 points and ending the session at 28,416.

The US yield curve struggled to maintain its balance as bond yields rose across the board. The one month Treasury rate rose from 3.54% to 4.11%, alongside falling prices. US bond yields are a broad indicator of investor confidence about the US economy with rising yields denoting uncertainty and potentially adverse economic conditions in the near term.

Nikkei made an initial break below its 10 day Simple Moving Average at 28,426, a possible indication of a forthcoming negative trend. The Nikkei's upper Bollinger Band® is at 28,966 which indicates a further downward move may follow.

Several technical indicators are adding weight to the bearish momentum seen today and forecasting the Nikkei to extend its recent losses.

In the meantime, negative performances are also seen in other markets, CAC is down to 7,466.66, losing 64.95 points, after ending the previous session around 7,531.61. After ending today's session at 7,891, FTSE lost 38.36 points and is trading around 7,852.64.

Positive performances can be seen by looking at other markets as Nasdaq went up by 1.25% today, and closed at 11,947.

Furthermore, projections for Japan Industrial Production are set for a continuation of decline with 0.5% while previous data was 4.6%; data will be released tomorrow at 23:50 UTC. Japan Retail Sales projected to decline to 5.8% while previous data was 7.3%; data will be released tomorrow at 23:50 UTC. Japan Jobs/applications ratio (Mar) will be released tomorrow at 23:30 UTC.

Having set a significant low of 15.42 7 months ago, the Nikkei is trading 185,500% higher.