17 Dec 2014
Nikkei trades cautious, FOMC eyed
FXStreet (Mumbai) - The Japanese equities index recovered losses from previous session and trades moderately higher on pick-up in buying interest at lower levels after recent weakness.
The benchmark Nikkei 225 index trades up 0.17% or 28 points at 16783.50, compared to previous session’s close of 16755.32. The index also remains supported as the Japanese yen weakened against the US dollar. However, Japanese equities are expected to cautious ahead of the most-awaited financial release of the week - the US Federal Open Market Committee (FOMC) statement. The index breadth is positive with an advance decline ratio of 172:44.
Chugai Pharmaceutical Co. shares moved up over 6%. Nisshin Steel, Denki Kagaku Kogyo KK, Pacific Metals Co., Inpex Corp. gained 3.4 to 4.16%. Among the losers, Japan Tobacco Inc. declined nearly 7 percent. Tokyo Tatemono, Central Japan Railways, TDK Corp., Kao Corp., Isuzu Motors and Mitsubishi Motors were down 1 to 2%.
Nikkei Technical Levels
The index has an immediate resistance stands at 16846.50 (5-day SMA) above which gains could be extended to 17005.29 (20-day SMA) levels. Meanwhile, support is seen at 16713.37 (Nov 10 Low) and from here to 16600 levels.
The benchmark Nikkei 225 index trades up 0.17% or 28 points at 16783.50, compared to previous session’s close of 16755.32. The index also remains supported as the Japanese yen weakened against the US dollar. However, Japanese equities are expected to cautious ahead of the most-awaited financial release of the week - the US Federal Open Market Committee (FOMC) statement. The index breadth is positive with an advance decline ratio of 172:44.
Chugai Pharmaceutical Co. shares moved up over 6%. Nisshin Steel, Denki Kagaku Kogyo KK, Pacific Metals Co., Inpex Corp. gained 3.4 to 4.16%. Among the losers, Japan Tobacco Inc. declined nearly 7 percent. Tokyo Tatemono, Central Japan Railways, TDK Corp., Kao Corp., Isuzu Motors and Mitsubishi Motors were down 1 to 2%.
Nikkei Technical Levels
The index has an immediate resistance stands at 16846.50 (5-day SMA) above which gains could be extended to 17005.29 (20-day SMA) levels. Meanwhile, support is seen at 16713.37 (Nov 10 Low) and from here to 16600 levels.