Japan 225 (JP225USD) Rebounds above 23200 to Break the Sideways Trend, Uptrend Likely

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

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 rebounded above level 23200 as price rallied above level 24325.90. There are possibilities of a further upward move as long as price is above SMAs. The market will continue with its upward.

Daily Chart Indicators Reading:
Japan 225 is at level 71 of the Relative Strength Index. It indicates that the market has reached the overbought region. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Japan 225 (JP225USD) Medium-term Trend: Ranging
On the 4- hour chart, the market is in an upward move. On November uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the index is likely to rise and reach level 1.618 Fibonacci extensions.

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. JP225USD is below the 80% range of the daily stochastic. The stochastic bands are fluctuating in the oversold region. It implies that the market is in bullish momentum.

General Outlook for Japan 225 (JP225USD)
Japan’s 225 is in an upward move. The index rebounded above 23200 to resume an upward move. According to the Fibonacci tool, the market will rise to level 1.618 Fibonacci extension. That is the market is expected to reach the high of 24698.20.



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