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June 24, 2023Yesterday at a glance: the Nikkei retained its composure around the 32,782 level after dropping 1.45%.
Meanwhile, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -107,700, while the previous figure was -104,000. Japan Services PMI came out at 54.2, while a consensus of analysts was expecting 56.2.
Nikkei made an initial break below its 5 day Simple Moving Average at 32,900, a possible indication of a forthcoming negative trend. On the other hand, note that although the Nikkei is down today and was as low as 32,576, it seems to be recovering slightly and climbing away from the 32,383 support line and is now 398.38 points above it.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the Nikkei to extend its recent losses.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 7,195.5, ASX 200 lost 96.3 points and is trading around 7,099.2. Hang Seng is down to 18,900, losing 318.35 points, after ending the previous session around 19,218. KOSPI Composite Index slumps 0.91% yesterday and closed at 2,593.7.
The index has been trending positively for about 2 months. The Nikkei is up 215,626% from the significant low of 15.42 it hit 9 months ago.
