Nikkei 225 futures were reported to be targeting a rebound toward the 52-week moving average at midday and continued trading around the ¥58,000 level after opening. The contract rose sharply from the previous day, with trading expected to remain range-bound.
In midday trading in Nikkei 225 futures, buying led the market after the open, and prices rose to around ¥59,460 before the morning close. During the day, trading moved in line with Chicago Nikkei futures.
The current range remains between ¥58,200 and ¥58,600, with reports of prices breaking above this range and recovering to the ¥59,000 level from the middle of the session onward.
The Nikkei futures-to-Nasdaq 100 ratio fell to 15.49x for the lead contract month, from 15.51x on the 6th. There was some positioning for a rebound as semiconductor and AI-related stocks pushed the Nikkei higher.
In the near term, the stance is said to be to target a rebound toward the 52-week moving average of around ¥60,000. Toward the end of the session, some observers said trading was likely to continue within the range.