A quick look at today: the Nikkei ended the session around the 28,163 level today, after Friday's 120.2 points decline and close at 28,283.
While price action maintains a negative bias, Japan CFTC JPY speculative net positions released today at 19:30 UTC with a figure of -64900.00000000001, while the previous figure was -65,800.
Nikkei made an initial break below its 10 day Simple Moving Average at 28,100, a possible indication of a forthcoming negative trend. The Nikkei's upper Bollinger Band® is at 28,600 which indicates a further downward move may follow. On the other hand, note that the Nikkei could begin to recover as it approaches significant support, now 119.89 points away from 28,043. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting the Nikkei to extend its recent losses.
In the meantime, negative performances are also seen in other markets, Dow Jones lost 1.45% today and closed at 34,347. KOSPI Composite Index is down to 2,408.27, losing 29.73 points, after ending the previous session around 2,438. S&P 500 is down to 3,964, losing 62 points, after ending the previous session around 4,026.
Furthermore, Japan Industrial Production is projected to outperform its last figure with -1.5%. It previously stood at -1.7%; data will be released tomorrow at 23:50 UTC. Japan Retail Sales is projected to outperform its last figure with 5%. It previously stood at 4.8%; data will be released today at 23:50 UTC. Japan Jobs/applications ratio (Oct) is scheduled for today at 23:30 UTC.
The index has been trending positively for about a month. The Nikkei hit a significant low of 15.42 around 2 months ago, but has since recovered 183,318%.