Global stock markets ended the day in a risky mood yesterday and an upbeat sentiment can be seen at the start of today’s session. Asian stocks rose sharply and the Nikkei 225 index has outperformed, recouping losses earlier this week and leading Wall Street overnight, even as US inflation data rallied. Even they were better than expected in September. Stocks turned green again, with analysts attributing several factors, including technical levels that triggered conditional buying. Japanese stocks also benefited from another round of comments from BoJ Governor Kuroda, who said raising rates at this time would be a bad idea. With Old Continent futures pointing bullish in the European session today, the German DAX (DE30) is one of the best performers with a 1.5% gain at press time. Investors’ mood has improved with a weakening US dollar and a fall in US bond yields.
JAP225 rises above 3.0% and is currently testing key resistance at 27170 mark, marked by previous price levels, 23.6% Fibonacci retracement of the bullish wave started in March 2020, trend line down and 200 SMA (red line). If there is a breakout on the upside, an upward move may extend to the next resistance at 28,400. However, if the sellers manage to regain control, a further bearish push towards the recent low at 25620 is possible. Source: xStation5
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