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4 Dec 2014
Another Seven-year high in Nikkei on weak Yen
FXStreet (Mumbai) - The Japanese stock markets extended their winning streak for the fifth session today, supported by weaker Yen and overnight rise in the US stocks.
The Nikkei ended 0.94% higher at 17,887.21 levels today, clocking yet another seven-year high. The sentiment at the opening bell was positive as the US Equity markets rose to record closing highs on the back of a positive US economic data. In addition, reports that the ruling LDP party in Japan is likely to win elections on Dec 14 further added to the bullish sentiment.
Among stocks, the airliners gained strength due to the fall in Crude prices. JAL gained 3.06% and tire-maker Bridgestone rose 2.55%. Export oriented firms, including automakers Toyota, Mazda and Honda also gained strength on weaker yen. Meanwhile, mobile game developer Marvelous and realtors such as Mitsubishi Estate were downbeat.
Nikkei Technical Levels
The index has an immediate resistance at 17,953 and 18,000 levels. Meanwhile, support is seen at 17,760 levels, under which losses could be extended to 17,691 levels.
The Nikkei ended 0.94% higher at 17,887.21 levels today, clocking yet another seven-year high. The sentiment at the opening bell was positive as the US Equity markets rose to record closing highs on the back of a positive US economic data. In addition, reports that the ruling LDP party in Japan is likely to win elections on Dec 14 further added to the bullish sentiment.
Among stocks, the airliners gained strength due to the fall in Crude prices. JAL gained 3.06% and tire-maker Bridgestone rose 2.55%. Export oriented firms, including automakers Toyota, Mazda and Honda also gained strength on weaker yen. Meanwhile, mobile game developer Marvelous and realtors such as Mitsubishi Estate were downbeat.
Nikkei Technical Levels
The index has an immediate resistance at 17,953 and 18,000 levels. Meanwhile, support is seen at 17,760 levels, under which losses could be extended to 17,691 levels.