Japan’s Nikkei average rallied 0.90% in the open. (Pivot Orderbook analysis)

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• Japan’s Nikkei average rallied 0.90% in the open.
• US stocks moved up on Friday and the Bank of Japan kept to its easing policy.

The pair currently trades last at 29058.04.

The previous day high was 29058.52 while the previous day low was 28721.55. The daily 38.2% Fib levels comes at 28929.8, expected to provide support. Similarly, the daily 61.8% fib level is at 28850.27, expected to provide support.

Japan’s benchmark Nikkei average opened up 0.90% and scored a high of 2,9143.89 on Monday, while the broader Topix gained 0.63% at 2,070.37.

The move follows US stocks gaining on Friday and after the Bank of Japan kept to its easing policy which sent the Yen lower to a 7-week low against the US Dollar. The Dow Jones Industrial Average rose 272 points, or 0.8%, to 34,098.16, the S&P 500 gained 34.13 points, or 0.83%, to 4,169.48 and the Nasdaq Composite added 84.35 points, or 0.69%, to 12,226.58.

The BoJ kept monetary policy unchanged and said it would “patiently” continue with monetary easing. Also, Governor Kazuo Ueda said the Japanese economy faces a bigger risk from premature tightening than from a delay. The members voted 9-0 to maintain its policy balance rate at 0.1% and keep its 10-year JGB yield target at about 0%. The BoJ also cut its 2023 Japan Gross Domestic Product estimate to 1.4% from a previous estimate of 1.7% and raised its 2023 core Consumer Price Index estimate to 1.8% from 1.6%. Meanwhile, instead of tweaking forward guidance, BoJ removed it entirely and this puts the focus on data. BoJ also decided to embark on a broad perspective review of policy for a relatively long 1 to 1.5 years, reviewing policies used over the longer term.

Technical Levels: Supports and Resistances

EURUSD currently trading at 29058.04 at the time of writing. Pair opened at 29058.04 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 28328.88, 50 SMA 27882.87, 100 SMA @ 27404.86 and 200 SMA @ 27552.85.

The previous day high was 29058.52 while the previous day low was 28721.55. The daily 38.2% Fib levels comes at 28929.8, expected to provide support. Similarly, the daily 61.8% fib level is at 28850.27, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 28833.55, 28609.07, 28496.58
• Pivot resistance is noted at 29170.52, 29283.01, 29507.49

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