Stock in the Asia-Pacific region rallied today, following strong gains on Wall Street yesterday. Japanese Nikkei 225 (JAP225) was a top performer in the region with a gain of 3% today. Index benefitted from an overall improvement in moods spotted on the global markets yesterday. However, there were some country-specific news that may have further sweetened sentiment towards Japanese shares. Namely, Japanese newspaper Yomiuri reported that Prime Minister Kishida is likely to go through with another round of fiscal support, in order to soften the blow from rising energy and goods prices. Details, however, are limited for now.
Taking a look at Nikkei chart at D1 interval (JAP225), we can see that the index has been trading mostly lower since the end of 2020. A test of the lower limit of a wide downward channel was made at the beginning of March 2022 but sellers failed to push the index below it. A recovery move was launched and JAP225 gained over 13% over the next two weeks. The two resistance levels to watch ahead are 27,850 pts resistance zone, which is being tested today, and the upper limit of an Overbalance structure at 28,200 pts. Note that the upper limit of the channel can be found slightly above 28,200 pts.
Source: xStation5
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