Asia equities advance higher, Nikkei 225 climbs over 22,250

Asia equities on the rise as traders test out their risk appetite.
Japan data providing some buoyancy to the Nikkei as figures beat expectations, albeit mildly.

Joshua Gibson FXStreet

Asia equities are lifting in Tuesday trading, and Japan's Nikkei index is working back into the month's highs over 22,250.00 as the Yen's weakness on healthy risk appetite in the broad markets is bolstering shares in the export sectors.

China's shares are up about 2 percent on the day, and Hong Kong's Hang Seng Index is also up about a percentage point. After several days of declines, the HSCI Asia-Pacific share index outside of Japan is only up about 0.2 percent, but equity gains are the general theme of the Asia session for Tuesday as the markets shed their risk aversion, although the trade spat between the US and China is far from over, and could bubble over once again at any moment.

The Japanese Economic leading Index printed a forecast-beating 106, versus the expected 105.8, providing a further lift to Asia shares.

Nikkei 225 Levels to watch

The equity index has been lifting steadily since March's bottom of 20,300.00, and a bearish correction will run into support from the 50.0 Fibo level at 21,350.00, while the current level to beat for bulls will be that last swing high at 22,360.00 before climbing to challenge February's high at 22,500.00.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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