13 Oct 2014
Nikkei falls below a Technical support
FXStreet (Mumbai) - The Japanese equity index ended weak today as prices failed to take back the losses after a gap down opening.
The Index, Nikkei 225, ended the day 1.15% lower at 15,300.55, well below an important technical support level of 15,356. The Index tried to take back losses, although gains were restricted at a day’s high of 15345.75. The Index now stands at a 7-week low, pressurized by a resurgent Yen and by the concerns of an economic slowdown in Japan.
The USD/JPY pair is trading 0.28% lower at 107.34. The Yen has gained 2.5% against the US Dollar since the beginning of October, when the USD/JPY was trading at 110.11. The rising Yen is considered negative for Japanese exporters which hurts the stock markets in Japan.
Nikkei Technical level
The Index has an immediate resistance of 15,356 (Aug 29th low), while the immediate support is located at day’s low of 15219.5. Bulls may take control if the index manages to fill today’s gap down opening and sustain above 15,470 levels.
The Index, Nikkei 225, ended the day 1.15% lower at 15,300.55, well below an important technical support level of 15,356. The Index tried to take back losses, although gains were restricted at a day’s high of 15345.75. The Index now stands at a 7-week low, pressurized by a resurgent Yen and by the concerns of an economic slowdown in Japan.
The USD/JPY pair is trading 0.28% lower at 107.34. The Yen has gained 2.5% against the US Dollar since the beginning of October, when the USD/JPY was trading at 110.11. The rising Yen is considered negative for Japanese exporters which hurts the stock markets in Japan.
Nikkei Technical level
The Index has an immediate resistance of 15,356 (Aug 29th low), while the immediate support is located at day’s low of 15219.5. Bulls may take control if the index manages to fill today’s gap down opening and sustain above 15,470 levels.