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Sliding Yen fuels another rally in Nikkei

FXStreet (Mumbai) - Japanese stock markets rallied today, supported by further weakness in the Yen, however, the concerns of over heating markets capped gains.

The Nikkei closed 12.11 points or 0.07% higher at 17,300.86 levels, compared to the previous session’s close of 17,288.75 levels. The stock markets had opened higher tracking the rise in the USD/JPY pair to a fresh seven-year highs above 118.00 levels. However, a bout of profit taking soon hit the markets, which capped further gains.

Among stocks, Textile producer Toray advanced 6.43% after the company said that its carbon fiber materials have been adopted for Toyota’s Mirai fuel-cell vehicle. Other stocks like energy trading firm Iwatani, Kawasaki Heavy were also on the plus side. Meanwhile, the minus side included stocks like Construction firms Obayashi, Kumagai Gumi, and doughnut shop chain operator Duskin.

Moreover, the index heavyweights like Mobile phone carrier SoftBank and clothing chain operator Fast Retailing failed to advance significantly, thereby limiting the upside in the Nikkei index.

Nikkei Technical Levels

The index has an immediate resistance at 17,472 (yesterday’s high), above which index can rally to 17,520.54 levels. Meanwhile, a break below support located at 17,270, shall open doors for 17,180 and 17,055 levels on the downside.

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