18 Dec 2014
Nikkei retakes 17,000
FXStreet (Mumbai) - The Japanese stocks inched higher today, pushing the Nikkei index above 17,000 levels after Yen resumed its fall against the US dollar post Federal Reserve policy statement.
The Nikkei finished 2.32% higher at 17,210.05 levels, compared to the previous session’s close at 16,8719.73 levels. The stocks were buoyed after the Fed said in the statement that “it can be patient in beginning to normalize the stance of monetary policy” and signaled its stance of paying close attention to economic conditions.
Exports stocks such as automaker Toyota, air conditioner producer Daikin and technology firm Kyocera, gained strength due to weakness in the Yen. Japan Tobacco, which has exposure to Russian, advanced on the ruble’s sharp rebound.
Nikkei Technical Levels
The immediate support is seen at 17,127 (Nov. 4 high), under which 17,000 and 16,893 levels should act as strong support. On the other hand, a rise above 17,278 levels, shall open doors for a re-test of 17,443.74 levels (Nov. 12 high).
The Nikkei finished 2.32% higher at 17,210.05 levels, compared to the previous session’s close at 16,8719.73 levels. The stocks were buoyed after the Fed said in the statement that “it can be patient in beginning to normalize the stance of monetary policy” and signaled its stance of paying close attention to economic conditions.
Exports stocks such as automaker Toyota, air conditioner producer Daikin and technology firm Kyocera, gained strength due to weakness in the Yen. Japan Tobacco, which has exposure to Russian, advanced on the ruble’s sharp rebound.
Nikkei Technical Levels
The immediate support is seen at 17,127 (Nov. 4 high), under which 17,000 and 16,893 levels should act as strong support. On the other hand, a rise above 17,278 levels, shall open doors for a re-test of 17,443.74 levels (Nov. 12 high).