Japan 225 (JP225USD) Resumes Uptrend, Breaks Level 28000

Japan 225 (JP225USD) Resumes Uptrend, Breaks Level 28000

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 price is now in the overbought region as the market will soon reverse. The RSI is at level 74. Despite the overbought condition, the bulls have broken level 28000 as the index resumes upward.

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. 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 index is making an upward move. On January 8 uptrend, a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement gives the impression that the market will reach level 1.1189 Fibonacci extension. That is a high of level 28455.

JP225USD – 3 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 in a bullish momentum and has reached the overbought region.

General Outlook for Japan 225 (JP225USD)
Japan’s 225 is in an upward move. The upward move has continued after level 28000 was broken. According to the Fibonacci tool, the upward move will continue to level 28455.



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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.