Japan 225 (JP225USD) Continues to Rally, May Reverse at Level 27083.90

27 November 2020 | Updated: 27 November 2020

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 its rally. On November 16 uptrend, a retraced candle body tested the 78.6% retracement level. This implies that Japan 225 will rise to level 1.272 Fibonacci extensions and reverse. That is the high of level 27083, the market will reverse.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 has risen to level 74 of the Relative Strength Index. It indicates that the market is in the uptrend zone. Beside, index has reached the overbought region of the market. 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 market is in an upward move. On November 24 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that JP225USD will rise and reach level 1.272 Fibonacci extensions. That is the market will rise to level 27035.90 and reverse.

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 above the 80% range of the daily stochastic. The index is now in the overbought 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.



Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.