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May 10, 2023
A quick look at today: the Nikkei retained its composure around the 29,122 level after dropping 0.41%.
Meanwhile, Japan 10-Year JGB Auction released yesterday at 03:35 UTC with a figure of 0.426, while the previous figure was 0.456.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Nikkei price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, the Nikkei's upper Bollinger Band® is at 29,500 which indicates a further downward move may follow. Technical analysis shows that the Nikkei could begin to recover as it approaches significant support, now 232.91 points away from 28,900. Dipping below could be an indication that further losses are ahead.
Notwithstanding the Nikkei's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Dow Jones goes down 0.81% today and closed at 33,562. KOSPI Composite Index lost 0.54% today and closed at 2,510. Hang Seng lost 0.53% today and closed at 19,868.
Furthermore, Japan Current Account n.s.a. (Mar) is scheduled for today at 23:50 UTC. Japan Adjusted Current Account (Mar) scheduled to come out today at 23:50 UTC.
The index has been trending positively for about a month. 7 months ago, the Nikkei fell to a low of 15.42 but has since recovered 189,542%.
