Key Resistance Zones: 23200, 23600, 24000
Key Support Zones: 20800, 20400, 20000
Japan 225 (JP225USD) Long-term Trend: Ranging
Japan 225 is range-bound between levels 22000 and 23000. The price is attempting to break the resistance at 23000. The index is likely to reach level 23400 if the resistance is breached. However, since June the market has not reached level 23400.
Daily Chart Indicators Reading:
Japan 225 has risen to level 64 of the Relative Strength Index. The index is in an uptrend zone and it is presently rising. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend.
Japan 225 (JP225USD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a sideways move but making an upward move. On August 13 uptrend, the market reach level 23400 and was repelled. After a sideways move, the coin dropped to level 23100 low. A red candle body tested 0.886 Fibonacci retracement level. It indicates that price will rise and reach level 1.129 extension level. In other words, the index will reach the high of 23400.
4-hour Chart Indicators Reading
Japan 225 is below 80 % range of the daily stochastic. It indicates that the market is in bearish momentum. The index has already fallen after the initial resistance The 21-day SMA and the 50-day SMA are sloping upward.
General Outlook for Japan 225 (JP225USD)
Japan’s 225 index is in a sideways trend. The index is presenting rising. According to the Fibonacci tool, the index will reach 1.129 Fibonacci extension level.
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