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March 09, 2023
The Nikkei rallied to 28,735, hitting its highest point in 5 months; it later lost 111.64 points and closed at 28,623.
On the flip side, Japan GDP released earlier showed a marked improvement to zero from the preceding data of -0.3, but fell short of the 0.2 figure forecast by a consensus of market analysts.
Meanwhile, Japan GDP fell short of the 0.8% projections, with new data of 0.1%.
Nikkei could be slowing down soon as it approaches resistance at 28,856. Of course, crossing it might suggest further gains are ahead. 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. The Nikkei's upper Bollinger Band® is at 28,579, this is a slight indication of a slowdown.
Technical analysis of the Nikkei price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Meanwhile, FTSE is down to 7,875.72, losing 54.28 points, after ending the previous session around 7,930. KOSPI Composite Index slides down 0.53% today and closed at 2,432. Hang Seng lost 0.63% today and closed at 20,051.
Furthermore, the market is looking at Japan BoJ Monetary Policy Statement is expected tomorrow at 03:00 UTC. Japan BoJ Press Conference set for tomorrow at 05:00 UTC. Japan Household Spending (MoM) (Jan) scheduled to come out today at 23:30 UTC. Japan Household Spending (YoY) (Jan) is scheduled for today at 23:30 UTC.
The index has been trending positively for about 2 months. Having set a significant low of 15.42 5 months ago, the Nikkei is trading 184,363% higher.
