Japan 225 (JP225USD) Is in an Uptrend, Battles Level 27000 Resistance Zone

Japan 225 (JP225USD) Is in an Uptrend, Battles Level 27000 Resistance Zone

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

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 has been on an upward move. The index is consolidating below the resistance at level 26900. On November 18, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise and reverse at level 1.272 Fibonacci extensions. That is the market will reverse at level 27157.10.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 has risen to level 60 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 market is in an upward move. On December 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the index will rise and reach level 2.0 Fibonacci extension. That is the high of 27491.0.

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 20% range of the daily stochastic. The index is in a bullish momentum. The market is in an upward movement.

General Outlook for Japan 225 (JP225USD)
Japan’s 225 is in an upward move. The index is currently facing resistance at level 26900. The price is fluctuating below the resistance zone. According to the Fibonacci tool, the index will rise and reverse at level 27157.10.



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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.