Japan 225 (JP225USD) Is in a Strong Trend, Reaches an Overbought Region


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. A correction candle tested the 0.382 Fibonacci retracement level. This indicates that the index will rise and reach  2.618 extension level. However, the first target price of the index is at  level 1.618 extension level. The index is likely to reverse at the 2.618 extension level. This is the second target price of the Fibonacci tool. The RSI is confirming that the index is in the overbought region. The market may take a downward move.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 has risen to level 76 of the Relative Strength Index. It is in the overbought region. Sellers are likely to emerge to push prices down. 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 23266 at the time of writing. The index will rise and reverse in the overbought region.

JP225USD – 4 hour Chart

4-hour Chart Indicators Reading
Japan 225 is now above 80% range of the daily stochastic. The market has reached the overbought region. It is likely to take a downward move. The 21-day SMA and the 50-day SMA are sloping upwardly indicating the upward move.

General Outlook for Japan 225 (JP225USD)
Japan 225 is in a strong bullish move. The index has recovered from the bear market. All the indicators are showing an overbought region of the index. Sellers are supposed to emerge in the overbought region.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.