12 Dec 2014
Nikkei rebounds on Weaker Yen
FXStreet (Mumbai) - The Japanese equities index extends gains from the previous session, snapping three days of losses following gains on Wall Street overnight and a relatively weaker yen.
The benchmark Nikkei 225 index trades up 1.10% or 189 points at 17446.50 levels at time of writing, compared to yesterday’s close of 17257.40. A renewed weakness in yen against the US dollar supported the Japanese shares taking the index higher.
Mitsumi Electric Co, up 5.6%, was the top gainer in the Nikkei index. Nippon Soda, JTEKT Corp., Shionogi & Co and Minebea Co Ltd gained nearly 5%. Canon Inc. rose 4.6 % after the camera maker announced it will boost its dividend. Among the losers, Kyowa Hakko Kirin Co. shares declined nearly 3%. Hino Motors and Tokyu Fudosan Holdings were down nearly 2 %.
Nikkei Technical Levels
The index has an immediate resistance stands at 17517.60 (100-day SMA) above which gains could be extended to 17680.37 (50-day SMA) levels. Meanwhile, support is seen at 17392.79 (Nov 13 Low) and from here to 17352.59 (10-day SMA) levels.
The benchmark Nikkei 225 index trades up 1.10% or 189 points at 17446.50 levels at time of writing, compared to yesterday’s close of 17257.40. A renewed weakness in yen against the US dollar supported the Japanese shares taking the index higher.
Mitsumi Electric Co, up 5.6%, was the top gainer in the Nikkei index. Nippon Soda, JTEKT Corp., Shionogi & Co and Minebea Co Ltd gained nearly 5%. Canon Inc. rose 4.6 % after the camera maker announced it will boost its dividend. Among the losers, Kyowa Hakko Kirin Co. shares declined nearly 3%. Hino Motors and Tokyu Fudosan Holdings were down nearly 2 %.
Nikkei Technical Levels
The index has an immediate resistance stands at 17517.60 (100-day SMA) above which gains could be extended to 17680.37 (50-day SMA) levels. Meanwhile, support is seen at 17392.79 (Nov 13 Low) and from here to 17352.59 (10-day SMA) levels.