Japan 225 (JP225USD) Consolidates Above Level 28000, May Resume Selling Pressure

Japan 225 (JP225USD) Consolidates Above Level 28000, May Resume Selling Pressure

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

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 has resumed a downward move after a week of fluctuation below level 29000. Since January 14, the bulls have not been able to break the resistance at level 29000. This will result in the downward movement of the coin. In the previous price action in January, the index fell to level 27585.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 has fallen to level 60 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: Bearish
On the 4- hour chart, the index is in a downward move. On February 5 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement gives the impression that the market will decline to level 1.618 Fibonacci extension or 28601.0.

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 below the 40% range of the daily stochastic. The index is in a bearish momentum and it is approaching the oversold region.

General Outlook for Japan 225 (JP225USD)
Japan 225 is in a downward move. The index has fallen to level 28768 and has resumed consolidation above the current support. After consolidation, selling pressure may likely follow. According to the Fibonacci tool analysis, the index will decline to level 28601


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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.