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Nikkei sees a mild correction

FXStreet (Mumbai) - The Japanese equity markets saw another correction today, tracking the decline in the USD/JPY pair.

The Nikkei ended 0.59% or 99.85 points lower at 16,780.53, while the Topix sagged 3.56 points end at 1,360.11. The equities appeared weak right from the opening bell due to the strength in the Yen. Investors are also worried about over heating after the market’s recent surge. “The Nikkei average is expected to move in a narrow range at its current levels, around 16,700 to 17,000 this week,” said Ayako Terada, deputy head of Nomura Securities Co.’s investment research and investor services department.

Among the index stocks, the heavyweights like mobile carrier SoftBank, casual-wear shop operator Fast Retailing and robot maker Fanuc were hit by technical correction. Meanwhile, the telecommunications carrier, NTT, tanked 4.06%, after the company lowered its full-year earnings forecast. The strength in Yen also hit exporter stocks like Toyota, Honda and Mazda.

Nikkei Technical levels

The index has an immediate support located at 16,714 (daily low), under which the prices can test 16,533 levels. On the other hand, the index may re-test 16,957, if the index manages to open above 16,800 levels tomorrow.

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