​​Nikkei 225 drifts lower while EUR/GBP, copper prices stay sidelined


​​​Nikkei 225 drifts lower 

The Nikkei 225 not only closed this week’s price gap with Monday’s 37,840 high, having come off its Tuesday six-week high at 38,790, but also slid below the 200-day simple moving average (SMA) at 37,945. This is currently acting as minor resistance ahead of the breached accelerated uptrend line at 38,480 and Tuesday’s 38,790 peak. 

​While the 200-day SMA caps on a daily chart closing basis, the 7 May high at 37,350 is expected to be revisited. Further potential support sits at the 37,100 24 March low. 

Were these levels to give way, the 8 May low and April high at 36,590-to-36,510 and 55-day SMA at 36,220 would be in sight. 

A currently unexpected rise above the 38,790 peak would engage the mid-February high at 39,600.

Nikkei 225 chart



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