The general stock market, including the Japan 225, has continued to edge higher as the latest US CPI data came in lower than anticipated. This helped the market close in the green and may set the tone for the new week.
Key Levels
Resistance: 60,000, 62,000, 64,000
Support: 58,000, 56,000, 54,000
Japan 225 Keeps Its Gaze on the 60,000 Mark
Throughout the previous week, the Nikkei market edged higher, with the final session closing in favor of the bulls. As a result, the ongoing session now trades at a notable distance above the 9-day Exponential Moving Average (EMA).
Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines have formed a downward crossover in the overbought region. This may reflect the consolidation seen over the past two sessions. Currently, the SRSI lines are moving sideways.
Nikkei 225 Market Aligns Even in the Short Term
On the 4-hour chart, upside momentum remains relevant in the latest session. The most recent price candle continues to trade above the 9-day EMA, maintaining a bullish stance.
The SRSI indicator lines also show a slight upward trajectory while remaining below the 50 mark. Meanwhile, price action continues to move closer to the 58,000 level.
Consequently, the market may reach the 60,000 mark from here if current conditions remain stable or improve slightly.
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