The Nikkei leapt up to 29,000 (0.69%) — now trading at 29,056.
Support/Resistance levels obtained from chart analysis indicate that Nikkei could be slowing down soon as it approaches resistance at 29,342. Of course, crossing it might suggest further gains are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 29,156, thereby suggesting that the Nikkei is becoming overvalued.
Overall, while the Nikkei has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as ASX 200 moves up 0.61% to trade around 7,353.8. Dow Jones is up 0.8%. FTSE gained 0.5% and is now trading at 7,870.57.
After hitting an important low of 15.42 approximately 7 months ago, the Nikkei has bounced back 187,036% since.