Yesterday ended at 28,300; during today's session the Nikkei rallied above 28,469 for the first time in 3 months, gaining 144.19 points and closing at 28,444.
Japan GDP is next today at 23:50 UTC.
At the same time, Japan Current Account n.s.a. (Jan) released yesterday at 23:50 UTC with a figure of -1.98 trillion, while the previous figure was 33 billion. Japan Adjusted Current Account (Jan) came out at 21.63 trillion.
Nikkei could be slowing down soon as it approaches resistance at 28,400. 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. Bollinger Band® analysis indicates that current price action is approaching the upper band at 28,420, thereby suggesting that the Nikkei is becoming overvalued.
Technical analysis of the Nikkei price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Meanwhile, Hang Seng drops 2.35% today and closed at 20,534. KOSPI Composite Index is down to 2,432, losing 31.35 points, after ending the previous session around 2,463.35. ASX 200 lost 0.77% today and closed at 7,364.7.
Also worthy of note, Japan GDP figure is projected at 0.2. It previously stood at 0.2; data will be released today at 23:50 UTC. Japan Household Spending (MoM) (Jan) is scheduled for tomorrow at 23:30 UTC. Japan Household Spending (YoY) (Jan) scheduled to come out tomorrow at 23:30 UTC. Japan GDP is projected to outperform its last figure with 0.8%, having previously been at 0.6%. The figure will be published today at 23:50 UTC.
The index has been trending positively for about 2 months. The Nikkei is up 183,500% from the significant low of 15.42 it hit 5 months ago.