Japan 225 (JP225USD) Breaks 20000 Resistance but Fails to Sustain Uptrend

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RESULTS

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

Japan 225 (JP225USD) Long-term Trend: Bullish
The bulls have broken level 20000 resistance but the selling pressure made the index fall below the resistance. The index fell to the support of the 50-day SMA. Japan 225 index will resume an upward move if the 50-day support holds. On the upside, if the bulls break the 20000 resistance and the momentum is sustained, the index will reach a new high of 21000.

Daily Chart Indicators Reading:
Japan 225 has fallen to level 51 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the center-line 50. The 21-day SMA is sloping upward indicating the uptrend.

Japan 225 (JP225USD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an ascending channel. The price has fallen and broken the support line in a downtrend. From the price action, the market is showing bullish signals indicating an upward move. The market is expected to rise.

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 20% range of the daily stochastic. The index is said to be in the oversold region. Buyers are expected to emerge in the oversold region.

General Outlook for Japan 225 (JP225USD)
Japan 225 resistance at 20000 has been broken but the bulls failed to sustain the upward move. The index has fallen below the 20000 resistance and reached the low of level 19521. The market has reached the oversold region. Buyers are likely to emerge to push the index upward.

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