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The Nikkei 225 index is up by more than 1.80% today as traders remain optimistic about the recovery of the global economy. The index is trading at ¥22,700, which is the highest it has been since June 11. The Nikkei is not the only index in the green. In China, the Shanghai composite index rose by 5% to 3,309 while DJ Shanghai is up by 5.2%. In Hong Kong, the Hang Seng is up by more than 3%. The jump in the Nikkei 225 is its best performance in three weeks. Find regulated forex brokers to trade Nikkei 225 on 55brokers.com Japan coronavirus cases rise The gains made by the Nikkei 225 ignore the rising number of coronavirus cases in Japan. Officials in Tokyo reported more than 130 cases earlier today, topping 100 for the third straight day. In a statement, the city’s governor urged residents not to travel outside the city’s borders to prevent more infections. The worsening situation has led to fears of a resurgence of the outbreak at a time when the economy is opening up. Meanwhile, investors are reacting to the Tokyo’s governorship election that saw Governor Yuriko Koike cruise to a resounding victory. This helped him secure a second term, ending an election period that took place in unpredictable times. Still, most people expected him to win because he was supported by both ruling and opposition parties. He won more than 3.6 million votes while the second opponent got less than a million votes. This popularity means that he is in an ideal position to replace Shinzo Abe, when his term ends. Mitsubishi makes a U-turn The biggest corporate story in the Nikkei 225 is about Mitsubishi, the giant conglomerate. In a statement, the company that is well-known for M&A said that it would impose a one-in, one-out policy towards acquisitions. This means that the company will sell one company for any one that it buys. The CEO said: “We need to make it clear to our stakeholders that any merger and acquisition under consideration will in no way undermine our financial position. Going forward, our basic approach is to couple good investments with divestments from businesses that are no longer competitive.” Mitsubishsi share price is up by more than 1% to ¥2285 Nikkei 225 top movers Most companies in the Nikkei 225 index are in the green. The best-performers are J. Frost Retailing, Mitsui Engineering, CyberAgent, and Alps Electric. These shares are up by more than 6%. The only companies in the red are Shionogi, Chugai Pharmaceuticals, Kyowa Hakko Kirin, and Recruit Holdings. Nikkei 225 technical forecast On the daily chart, we see that the Nikkei 225 has been on an upward trend. The ascending black trend line has provided support to this upward move. This line connects the lowest level on April 22, May 15, and July 1. The price is also slightly above the 50-day and 100-day exponential moving averages while the RSI has been moving higher. Therefore, I expect the price to continue rising as bulls attempt to test the next resistance at ¥23,192. On the flip side, a move below ¥22,000 will invalidate this thesis. This is an important psychological level that is also along the ascending trendline. Nikkei 225 forecast