Japan 225 (JP225USD)Is Range Bound, Faces Rejection at Level 28850

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. The uptrend is facing resistance at level 29000. Since January 14, the price has fluctuated below level 29000 resistance. If price breaks the resistance, the uptrend will continue. The downtrend will resume if the bulls fail to break the resistance at level 29000.

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 14 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 29494.40 high.

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.

General Outlook for Japan 225 (JP225USD)
Japan 225 is in an upward move. On the 4 hour chart, the index is facing resistance at level 28850. Buyers have not been able to push above the resistance since January 14.


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