Today at a glance: the Nikkei gained 201.36 points and stayed at the 28,156 level.
Meanwhile, Japan Tankan Large Manufacturers Index (Q4) released yesterday at 23:50 UTC with a figure of seven, while the previous figure was eight. Japan Tankan Large Non-Manufacturers Index (Q4) came out at 19, while a consensus of analysts was expecting 17. Data from Japan concerning Industrial Production was released today at 04:30 UTC. Newly published figures emphasized continued decline from last month's figure of -1.7% to -3.2% this month.
Bollinger Band® analysis indicates that current price action is approaching the upper band at 28,442, thereby suggesting that Nikkei is becoming overvalued. On the other hand, note that the Nikkei broke through the 28,078 resistance and climbed above it 77.77 points; next resistance level is at 28,200.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the Nikkei is set for a reversal in the coming days.
The Nikkei shows positive signs, other assets are also on par: KOSPI Composite Index went up by 1.13% today, and closed at 2,399.25. ASX 200 added 0.67% and closed around 7,203.3 today. Nasdaq is trading around 11,257 after ending today's session at 11,144 (up 1% today).
Elsewhere, Japan Trade Balance (Nov) will be released today at 23:50 UTC. Projections for Japan Exports are set for a continuation of decline with 19.8% while previous data was 25.3%; data will be released today at 23:50 UTC. Japan Adjusted Trade Balance is expected today at 23:50 UTC.
Having set a significant high of 29,332 2 months ago, the Nikkei is trading 181,200% lower.