Japan 225 (JP225USD) Consolidates Below Level 27600, an Upward Move Likely

Key Resistance Zones: 27200, 27600, 28000
Key Support Zones: 20800, 20400, 20000

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 has been on an upward move. The upward move is nearing its destination as the market will soon reverse in the overbought region. The RSI is at level 69. The index may reverse above level 70.

Daily Chart Indicators Reading:
Japan 225 has risen to level 63 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 fluctuating between level 26400 and 26900. On December 28 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement gives the impression that the market will reach level 1.618 Fibonacci extension. That is the market will reach the high of level 28236.80.

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. JP225USD is above the 40% 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 trading below level 27600. The upward movement will be accelerated once the recent high is breached. In the meantime, the market is consolidating below the resistance.


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