19 Feb 2015
Nikkei hits fresh yearly highs on dovish Fed
FXStreet (Mumbai) - The Japanese equities index opened with a positive gap of 38 points and rallied to multi-year highs tracking the positive cues overnight from Wall Street and as investors digested the Federal Open Market Committee's (FOMC) late-January meeting minutes.
The benchmark Nikkei 225 index trades higher by 0.41% at 18273 levels, hovering close to multi-year highs posted at 18322 levels earlier in the session. The index remained elevated despite a stronger yen largely due to gains in the financial stocks. Moreover, FOMC’s minutes revealed forward guidance stick to patient approach for rate hike timings also added to the gains in the index. However, trading volumes are light as some of the markets are closed for the Lunar New Year holiday.
The index trades with a positive market breadth, the advance-decline ratio being 147:63. Trend Micro Inc is the top gainer rallying 6.91%, Yamaha Corp is up 6.14%. Among the top losers, Marui Group is declining -2.73%, Pacific Metals is down –2.47%.
Nikkei Technical Levels
The index has an immediate resistance stands at 18322. Meanwhile, support is seen at 18200 levels and from here to 17920 levels.
The benchmark Nikkei 225 index trades higher by 0.41% at 18273 levels, hovering close to multi-year highs posted at 18322 levels earlier in the session. The index remained elevated despite a stronger yen largely due to gains in the financial stocks. Moreover, FOMC’s minutes revealed forward guidance stick to patient approach for rate hike timings also added to the gains in the index. However, trading volumes are light as some of the markets are closed for the Lunar New Year holiday.
The index trades with a positive market breadth, the advance-decline ratio being 147:63. Trend Micro Inc is the top gainer rallying 6.91%, Yamaha Corp is up 6.14%. Among the top losers, Marui Group is declining -2.73%, Pacific Metals is down –2.47%.
Nikkei Technical Levels
The index has an immediate resistance stands at 18322. Meanwhile, support is seen at 18200 levels and from here to 17920 levels.