In the midst of an 8 day bullish trend, Today's session put the brakes on the ongoing uptrend — without a clear direction, the Nikkei closed at 27,663 while ranging between 27,547 and 27,700.
The Nikkei's state is reflected by market data as Japan 10-Year JGB Auction released yesterday at 03:35 UTC with a figure of 0.248, while the previous figure was 0.248.
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 27,877, suggesting that a downward move may follow. Despite this, the Nikkei is approaching key support, around 87.65 points away from 27,576. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, the Nikkei is positioned for a downward move in the short term.
While the Nikkei was pretty flat today, mixed performances were seen elsewhere as Hang Seng rallies 2.41% today and closed at 15,455. After ending today's session at 11,000, Nasdaq lost 100 points and is trading around 10,900.
The Nikkei hit a significant low of 15.42 around a month ago, but has since recovered 179,400%.