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Nikkei 225 falls below 38k in Asian trading

Overnight the Asian markets have been rather mixed, which in a way kind of replicates what we see almost every day over in the US at the moment. Of course it is not the same split between tech and the wider market, when it comes to Asian shares. The standout mover today has been Japan, where the Nikkei 225 has led the losses, where those are seen. The Nikkei has fallen more than 2% today and dropped below the 38k handle. Now the reason why that might be important is because there was quite significant trend line support, stemming from the lows at 36,767 (May 19) and then 37,549 (May 30) on the daily charts. If you care to look at that you might see what is being talked about here. The trend line was in place today at around 38,025. The Nikkei 225 fell to a low at 37,950 earlier this morning. So, with around 30 minutes to go before the index closes, it remains to be seen if the Nikkei will close below that 38k level. Interestingly, the USD/JPY is not materially lower yet today.

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