Japan 225 (JP225 USD) Moves Downward, Faces Stiff Resistance at 20000

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

Japan 225 (JP225USD) Long-term Trend: Bearish
Japan 225 index is trading below 20000. In today’s candlestick illustration, there is a candlestick with an upper long shadow. This indicates that buyers were able to push price to the 20000 resistance but were overwhelmed. The candlestick is being pushed downward. The bull’s upward move is doubtful because of the selling pressure at the 20000 resistance.

Daily Chart Indicators Reading:
Japan 225 is at 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, the market was earlier in an upward move. The bulls tested the 20000 resistance on more than five occasions. Each time the bulls are resisted, the market will fall either to the low of 18000 or 19000. Meanwhile, the market is trading below the 20000 resistance.

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upwardly indicating the upward move. JP225USD is below 75% range of the daily stochastic. It implies that the market is in a bearish momentum.

General Outlook for Japan 225 (JP225USD)
Japan 225 index is currently falling after being resisted.
The market will be in an upward move if the 20000 resistance is breached. The sideways trend will prevail if the bulls fail to break the resistance.

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