Nikkei back above key retracement, off 7-month low
Japan's Nikkei share average edged up today, paring losses to climb back above support at a key retracement level after falling to a seven-month low.Updated: Jul 06, 2010 12:07 IST
Japan's Nikkei share average edged up on Tuesday, paring losses to climb back above support at a key retracement level after falling to a seven-month low.
The benchmark Nikkei started trade below 9,200, key support around the level of a 50 per cent retracement from its March 2009 low to its April high on fears over China's property market, before hitting a seven-month low of 9,091.70 and coming within sight of its next support 9,076, a trough touched last November.
But as the yen's gains were tempered and as Chinese stocks rose the benchmark pared its losses, closing the day up 0.8 percent or 71.26 points at 9,338.04. The broader Topix gained 1.2 percent to 847.24.