Japan 225 (JP225USD) Is in a Downtrend, Targets Level 26956.40

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RESULTS

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. The index has fallen and it is approaching the low of level 27000. The price has broken the 21-day SMA. The downward movement will be accelerated if the price breaks below the 50-day SMA.

 IndiDaily Chartcators Reading:
Japan 225 has fallen to level 46 of the Relative Strength Index. It indicates that the market is in a downtrend 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 January 29 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement gives the impression that the market will fall to level 1.618 Fibonacci extension or 26956.40.

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. JP225USD is below the 25% 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. According to the Fibonacci tool analysis, the index is likely to further depreciate to level 1.618 or 26956.40.



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