Japan 225 (JP225USD) Resumes Upward Move, Strong Buying Pressure Is Likely Above Level 28000

Japan 225 (JP225USD) Resumes Upward Move, Strong Buying Pressure Is Likely Above Level 28000

Key Resistance Zones: 27200, 27600, 28000
Key Support Zones: 20800, 20400, 20000

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 has been in an upward move. Presently, it is facing rejection at level 29000. The index has retraced to level 28167.70. The upward move is likely to resume as the price action is indicating an upward move of the market.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 has fallen to level 66 of the Relative Strength Index. It indicates that the market is in the uptrend zone. 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 making an upward move. On January 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement gives the impression that the market will rise and reverse at level 1.272 Fibonacci extension or 28756.90 high. The price action has confirmed the reversal at the recent high.

JP225USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. JP225USD is below the 40% range of the daily stochastic. The index is in a bearish momentum and it is approaching the oversold region.

General Outlook for Japan 225 (JP225USD)
Japan 225 is in an upward move. After the retracement, the index is likely to resume a fresh uptrend. The price action is showing some bullish signals above level 28000. There is a candlestick with a long tail. This long tail indicates that there is strong buying pressure at a lower price level.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.