Key Support Zones: 20800, 20400, 20000
Japan 225 (JP225USD) Long-term Trend: Bearish
JP225USD bearish trend has subsided as the current support holds. The market has been consolidating above 17000. Before this time the market has already fallen to the low of 16466. The index becomes oversold at the bottom of the chart. As usual, buyers ought to emerge in the oversold region. Meanwhile, price is making an upward move to the previous high.
Daily Chart Indicators Reading:
Japan 225 is below 20% range of the daily stochastic. The index has been oversold since February 27 and buyers failed to emerge. Rather, the market is sloping horizontally at the bottom of the chart. However, if buyers appear, the stochastic bands will rise at the bottom of the chart.
Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the index is making a series of lower lows and lower highs in a descending channel. The market has fallen to a low of 16000 and made a pullback. The retest may result in a further downward move.
4-hour Chart Indicators Reading
The index is currently at level 45 of the Relative Strength Index period 14. Japan 225 is likely to fall as it is below the centerline 50. The 21-day SMA and the 50-day SMAs are sloping southwardly but making a U-turn.
General Outlook for Japan 225 (JP225USD)
Japan 225 index downward move is nearing exhaustion as the market continues its consolidation above 16000. The price is consolidating and making an upward move. At the same time, buyers are likely to emerge at the oversold
Instrument: Japan 225 (JP225USD)
Order: Buy
Entry price: 17412
Stop: 17000
Target: 17612
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