The N225 is trying to get comfortable in new territory this morning. With the N225 trading at 22,370 in earlier trade today - breaking through 20,300, its 14-year high - the markets may have received a boost from favourable trade data out this morning showing that Japanese exports rose more than expected in April.
Exports for April climbed 8% y-o-y against estimates for a 6% increase. Imports were off 4.2%. Importantly, the trade deficit narrowed to JPY53.4 billion, better than the JPY350 billion anticipated. This could provide support for the economy and offer the key ingredient necessary for Japan to expand for the third consecutive quarter, after a recession in 2014. The weakness in the yen continues to aid large Japanese exporting companies as Abenomics persists to gain traction.
The ascending wedge formation seems intact. If the Japan 225 can break above 20,300 with purpose, we may see it head towards the 21,500 in the near future. Otherwise, 19,000 remains key support for this index.
US
The S&P and the Dow hit new all-time highs last week but have struggled to make further headway. With markets entering a seasonally weaker time of the year and questions remain about when the Fed may start raising interest rates. The standoff between bulls and bears may continue to move markets in both directions through the week.
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