* Nikkei falls 5.4 pct for the week, worst since late Jan
* Hit during week by dollar's dip to 5-mth low vs yen
* Caution prevails before earnings, data and local election
* Support seen at 200-day moving average near 8,900
By Masayuki Kitano
TOKYO, July 10 (Reuters) - Japan's Nikkei stock average dipped ever so slightly for its eighth straight day of declines and its lowest close in seven weeks on Friday, as caution prevailed over upcoming corporate earnings and economic indicators.
The Nikkei lost 5.4 percent on the week for its steepest weekly decline since late January, hurt by the dollar's fall to a five-month low against the yen, and concerns that the rally in equities since March may have been overdone.
The benchmark's fall this week to below 9,500, which was roughly the bottom of its trading range since early June and a key support level, points to further weakness in the near term, said Yutaka Miura, senior technical analyst for Mizuho Securities.
"There could be a fall to below 9,000," Miura said. The bottom end of the Nikkei's range next week is likely to be 8,800, near its 200-day moving average, Miura said.
The Nikkei dipped 3.78 points to 9,287.28, its lowest closing level since May 22.
The broader Topix eased 0.2 percent to 872.50.
Kawasaki Kisen and other shippers slid after Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, hit a six-week low on Thursday.
Kawasaki Kisen fell 3.9 percent to 348 yen.
Traders and analysts say a pullback to around 9,000 would not be a surprise, given that the Nikkei had surged to an eight-month intraday high of 10,170.82 in June.
"There is caution ahead of earnings releases by major U.S. corporations. Key economic indicators due out in the United States next week, like industrial output, are also a cause of concern firmly capping prices," said Kenichi Hirano, operating officer at Tachibana Securities. Among the gainers was Kuraray, a major synthetic fibre maker, which climbed after the Nikkei business daily said Kuraray's first-half operating profit was likely to fall less than expected. Kuraray climbed 3.1 percent to 1,071 yen.
Trade was moderate on the Tokyo exchange's first section, with 2 billion shares changing hands, compared with last week's daily average of 2.1 billion.
Advancing stocks outnumbered declining ones 833 to 749.
(Additional reporting by Shinichi Saoshiro)