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Nikkei gains more than 8% in last three trading sessions

FXStreet (Mumbai) - The Nikkei benchmark has gained more than 8% since Friday as the inventors cheered the surprise expansion of monetary stimulus announced by the Bank of Japan.

The Nikkei ended 0.44% higher today at 16,937 levels supported by the gains in the shares of the index heavyweight Fast Retailing Co. Exporter shares also rose as the USD/JPY pair continued to move higher. Fast Retailing shares gained 2.29% after it reported a 10.5% rise in sales in October. The index breadth was positive with an advance decline ratio of 146:77.

The equities may continue to rise if the Yen continues to weaken in the days ahead. However, traders say that a bout of profit booking can hit the markets in the short-term after the sharp rise in the index witnessed since Friday.

Nikkei Technical Levels

The index has an immediate support located at 16,784 levels, under which the prices can fall to 16,549 levels. Meanwhile, a strong resistance is seen at 17,194 levels.

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