Japan 225 (JP225USD) Faces Rejection at Level 26200, Uptrend Likely

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RESULTS

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 to resume an upward move. Previously, the index has been consolidating above level 22400 before the rebound. The index is facing rejection at level 26000. The uptrend will resume once the resistance at level 26000 is breached. Otherwise, Japan 225 will resume a sideways move.

Daily Chart Indicators Reading:
Japan 225 has fallen to level 67 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: Ranging
On the 4- hour chart, the market is in an upward move. On November 9 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that JP225USD will rise and reach level 2.618 Fibonacci extensions. That is the market will rise to level 28501.20.

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. JP225USD is above the 25% range of the daily stochastic. The index was earlier in the oversold region. Presently, the market is in bullish momentum.

General Outlook for Japan 225 (JP225USD)
Japan’s 225 is in an upward move. The index is currently facing resistance at level 26200. A fresh uptrend will begin once the current resistance is breached. The index is moving up to revisit the previous highs.



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