Japan 225 (JP225USD) Is in a Sideways Trend, Faces Resistance at Level 23000

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

Japan 225 (JP225USD) Long-term Trend: Bullish.
Japan 225 is in an uptrend. The index is currently fluctuating above level 22000 as the uptrend is facing resistance. JP225USD rose to level 23000 and was resisted. Presently, it is in a sideways move below level 23000. A fresh uptrend is doubtful.

Daily Chart Indicators Reading:
Japan 225 has risen to level 56 of the Relative Strength Index. The index is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward. It indicates that the pair is in an uptrend.


Japan 225 (JP225USD) Medium-term Trend: Bullish
On the 4- hour chart, the index is likely to fall. A correction candlestick body tested 0.618 Fibonacci retracement level. It indicates that the index will fall to level 1.618 extension levels. It is also approaching the overbought region. A downward movement is expected.

4-hour Chart Indicators Reading
Japan 225 is now above 70% range of the daily stochastic. This indicates that the index is in a bullish momentum and it is approaching the overbought region. The 21-day SMA and the 50-day SMA are sloping sideways.


General Outlook for Japan 225 (JP225USD)
Japan 225 was earlier resisted at level 23000 and fell to level 21675. The price movement is in a sideways trend below level 23000. In the long run, the index is likely to fall.


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