Japan 225 (JP225USD) Is in a Sideways Move, Battles Level 26000


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

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 index has broken the range-bound move to resume upward move. The index rebounded above level 23000 and the price rallied to level 26000. The uptrend has been hindered by the resistance at level 26000.Japan 225 resumes a sideways move. The uptrend will resume as soon as level 26000 is breached.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 is at level 75 of the Relative Strength Index. It indicates that the market is in the overbought region and above the centerline 50. The market may encounter the presence of sellers in the overbought region. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways move.

Japan 225 (JP225USD) Medium-term Trend: Bullish
On the 4- hour chart, the market is in an upward move. The upward move was terminated at level 25900 on November 9. On November 10, a retraced candle body tested a 50% Fibonacci retracement level. This indicates that the index is likely to rise to level 2.0 Fibonacci extensions. That is the high of level 27636.30.

JP225USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upwardly indicating the upward move. JP225USD is above the 30% range of the daily stochastic. It implies that the market is in bullish momentum.

General Outlook for Japan 225 (JP225USD)
Japan 225 index has resumed upward move but it is currently facing resistance at level 26000. Presently, Japan 225 is consolidating above level 25000 to retest the recent resistance. The uptrend will resume once level 26000 is breahed.

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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.