Japan 225 (JP225 USD) Is Stuck Below 20000 Resistance, a Breakout Likely

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RESULTS

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

Japan 225 (JP225USD) Long-term Trend: Bearish
Today, Japan 225 index is trading below the 20000 resistance. The bulls are testing the resistance level to break it. In the first attempt, the bulls were resisted as the market fell to 18000 low. In the second upward move, price is still retesting the resistance. On the upside, if the bulls are successful, the market will reach a high of 22000. On the downside, the index may likely fall, if the bulls fail to overcome the resistance.

Daily Chart Indicators Reading:
Japan 225 is above 75% range of the daily stochastic. This indicates that the index is in bullish momentum. The bullish momentum has been weak as price is stuck below the resistance.

Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the bulls break the resistance line of the descending channel to resume upward move. The current upward move has been hampered as the bulls fail to break the resistance at 20000 after two unsuccessful attempts. The index is currently trading below the resistance.

4-hour Chart Indicators Reading
The index is currently at level 60 of the Relative Strength Index period 14. This indicates that the index is in the uptrend zone. Japan 225 is likely to rise as it is above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upwardly.

General Outlook for Japan 225 (JP225USD)
Japan 225 index now trades below the resistance at 20000. Since March 25, the bulls have not been able to break the resistance. Nonetheless, the market is likely to consolidate for a few more days before a possible breakout.

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