Nikkei extends rally for 13th straight session, at 15-yr highs

FXStreet (Mumbai) – The Japanese equities index extends its longest winning streak since 1988; rising for the thirteenth day in a row mainly driven by yen weakness after the Japanese currency slumped to fresh 13-year low versus the US dollar today, reaching 125 mark. Weaker yen boosts exports-oriented stocks, thereby lifting the index higher.

Currently, the benchmark Nikkei 225 index modestly flat at 20,584.75, easing off close to multi-year highs at 20619.61. The index erased most gains and trades muted mainly on profit-taking after the recent strength while USD/JPY also stalled its upsurge, retracing from 125.06 highs to 124.80.

The index trades with a slightly negative market breadth with the advance decline ratio of 103:108. Chubu Electric Power is the top gainer, up nearly 5%, followed by JTEKT Corp up 4.39%. The top loser so far is Taiyo Yuden, down -2.76%, followed by Bridgestone Corp which loses -2.59%.

Nikkei Technical Levels

The index has an immediate resistance stands at 20655.33. Meanwhile, support is seen at 20500 levels and from here to 20410 levels.

The Japanese equities index extends its longest winning streak since 1988; rising for the thirteenth day in a row mainly driven by yen weakness after the Japanese currency slumped to fresh 13-year low versus the US dollar today, reaching 125 mark. Weaker yen boosts exports-oriented stocks, thereby lifting the index higher.

(Market News Provided by FXstreet)