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June 15, 2023
The Nikkei gets off to a flat start this session, trading at 33,574.
This uncertain state for the Nikkei is reflected by published market data as Japan Exports released yesterday at 23:50 UTC is better than expected at 0.6% but down from preceding data of 2.6% according to new data. Japan Trade Balance (May) released yesterday at 23:50 UTC with a figure of -1.37 trillion, while the previous figure was -432.3 billion. Japan Adjusted Trade Balance came out at -780 billion, while a consensus of analysts was expecting -1.12 trillion.
Nikkei's upper Bollinger Band® is at 33,183, indicating gains could follow. Despite this, the MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control.
Overall, looking at the technical analysis landscape, it seems the Nikkei might be pointing upward in the short term.
At the same time, mixed performances are seen elsewhere as after ending yesterday's session at 34,200, Dow Jones lost 220.67 points and is trading around 33,979. Having closed the previous session at 7,290.8, CAC is up 0.52% today to currently trade at around 7,328.53. Hang Seng is down 121.42 points from the beginning of the session and now trades around 19,400.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as Japan BoJ Monetary Policy Statement scheduled to come out tomorrow at 03:00 UTC. Japan BoJ Press Conference is expected tomorrow at 06:30 UTC. Japan Tertiary Industry Activity Index (MoM) is scheduled for today at 04:30 UTC.
The index has been trending positively for about 2 months. Having set a significant low of 15.42 8 months ago, the Nikkei is trading 217,166% higher.
