USDJPY (Nikkei Rises 0.7%, Driven by Banks and Energy Stocks)

Nikkei Rises 0.7%, Driven by Banks and Energy Stocks

Japanese stocks closed higher, with gains led by the banking and energy sectors, as the 10-year Japanese government bond (JGB) yield hit an 11-year high. Mizuho Financial Group rose 3.1%, and Sumitomo Mitsui Trust Holdings climbed 2.4%, following a 3-basis-point increase in the 10-year JGB yield to 0.975%, the highest since May 2013. Energy stocks also performed well, with Eneos Holdings gaining 6.2% and Inpex up 4.2%. The Nikkei Stock Average increased by 0.7% to 39,069.68. Investors are closely watching developments in the Middle East and crude oil prices following the death of Iranian President Ebrahim Raisi in a helicopter crash on Sunday. The USD/JPY exchange rate is at 155.74, up from 155.67 late Friday in New York.

The price continues to experience bullish pressure towards 156.600, with a potential further rise to 157.970 upon breaking this level. A correction to 155.95 or 155.445 is possible before resuming the bullish trend. The bearish scenario will be triggered if the support line at 155.445 is broken, potentially leading to a drop to 154.700.

Pivot line: 155.950
Resistance line: 156.590, 157.970, 159.82
Support line: 155.450, 154.700, 153.685

The expected trading range is between support 155.450 and Resistance 156.600

Comment:

The price reached our target and still running to reach more targets we mentioned above