Nikkei retreats fresh 15-yr highs below 20k

FXStreet (Mumbai) - The Japanese equities index snapped its week-long uptren and moved away from fresh fifteen year highs as the mood is somewhat cautious ahead of the corporate earnings news this week.

The benchmark Nikkei 225 index trades flat at 19931.10, retreating from highs at 19975.66 levels. The index trimmed gains and pulled away from highs, despite a weaker yen as dismal Chinese data and World’s bank’s Chinese growth downgrade dampened investos’ sentimeents.

The index trades with a negative market breadth, the advance-decline ratio being 98:118. Nippon Electric is the top gainer; up 17.70%, followed by Mitsumi Electric rallying 5.23%. Among the top losers, MEIJI Holdings is down–3.46%. While NTN Corp is down –3.34%.

Nikkei Technical Levels

The index has an immediate resistance stands at 20k. Meanwhile, support is seen at 19800 levels and from here to 19693 levels.