Japan 225 (JP225 USD) Is in a Sideways Move Below 20000 Resistance
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Japan 225 (JP225 USD) Is in a Sideways Move Below 20000 Resistance

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Azeez Mustapha

Updated:
Key Resistance Zones: 23200, 23600, 24000
Key Support Zones: 20800, 20400, 20000

Japan 225 (JP225USD) Long-term Trend: Bearish
Japan 225 index is fluctuating below 20000 resistances. Today, the market is in a downward move to the 21-day SMA. The price is retracing to the support of the 21-day SMA. Later, an upward move will resume retesting the resistance. The 21-day SMA has been holding as the market continues its fluctuations below the resistance. A break below 21-day SMA will mean a downward movement of the index.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 52 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day SMA is sloping upward indicating the uptrend.

Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, price will rise and test the 20000 resistance and fall to the support of the trend line. At the support of the trend line, the market will resume retesting the resistance but the bulls have to fail to break it. Buyers have tested the 20000 resistance on more than three without breaking it.

JP225USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upwardly indicating the upward move. Japan 225 is below 50% range of the daily stochastic. It implies that the market is in a bearish momentum. The stochastic bands are making a U-turn indicating an upward move.

General Outlook for Japan 225 (JP225USD)
Japan 225 is in a sideways move as the bulls have failed to break the 20000 resistance. As the market continues to trade below the resistance a rebound is possible. On the upside, rebounds at the current market will propel price to break through the 20000 resistance. The index will resume its upward move above the current resistance

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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