Japan 225 (JP225USD)Is Range Bound Below Level 21000

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

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 is trading above 20500 but below level 21000. Since April 29, the market has been trading below 21000 resistance  but above level 20500. The market seems to be consolidating above level 20500. The bulls have failed to breach the resistance at level 21000 as the market continues its sideways move.

Daily Chart Indicators Reading:
Japan 225 has risen to level 56 of the Relative Strength Index. The index is an uptrend zone and likely to rise. 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. Presently, the index is being resisted at level 20800. For the past 48 hours the market has been on a downward move to the low of level 20500. The current support is holding as the market makes an upward move.

4-hour Chart Indicators Reading
Japan 225 is now above 25% range of the daily stochastic. This indicates that the price is in a 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 20800. The bulls have broken level 20500 but currently battling the resistance at 20800. The index is likely to rise if the current momentum is sustained.



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