Japan 225 (JP225USD) Breaks Level 29000, Resumes up Trending

Japan 225 (JP225USD) Breaks Level 29000, Resumes up Trending

Key Resistance Zones: 27200, 27600, 28000
Key Support Zones: 20800, 20400, 20000

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 has continued the upward move after breaking the resistance at level 29000. Since January 14, the index has been trading below level 29000 before it was broken; The index is approaching level 30000.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 has risen to level 67 of the Relative Strength Index. It indicates that the market is in an uptrend zone. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Japan 225 (JP225USD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On February 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or level 30079.10 and reverse.

JP225USD – 4 Hour Chart


4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. JP225USD is above the 50% range of the daily stochastic. The index is in a bullish momentum.

General Outlook for Japan 225 (JP225USD)
Japan 225 is in an upward move. The uptrend was interrupted in January as price consolidated below level 29000. On February 8, the bulls broke the resistance as the index resumed up trending.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.