Key Resistance Zones: 23200, 23600, 24000
Key Support Zones: 20800, 20400, 20000
Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 is an uptrend. The index has broken the previous resistance of 20500 and it approaching level 22000. A correction candle body is testing 0.50 Fibonacci retracement level. This determines the extent of the bullish run. The index is likely to rise and reach the 2.0 Fibonacci extension level. In other words, if the bulls break the resistance at level 22000, the market will rise above level 24000.
Daily Chart Indicators Reading:
Japan 225 has risen to level 69 of the Relative Strength Index. It is approaching the overbought region. There is a possibility of a further upward move. The market is under bull control. 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 ascending channel. The price has risen and reached a high of level 22000. It is currently facing resistance at level 22000. The price made a brief correction but has resumed an upward move. The index is rising to retest the resistance at level 22000.
4-hour Chart Indicators Reading
Japan 225 is now above 60% range of the daily stochastic. The stochastic bands are making a U-turn indicating an upward move. This indicates that the price is in bullish momentum. The 21-day SMA and the 50-day SMA are sloping upwardly indicating the upward move.
General Outlook for Japan 225 (JP225USD)
Japan 225 upward move is currently facing resistance at level 22000. The upward move is likely to continue if the current resistance is broken. According, to the Fibonacci tool the index is likely to rise.
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