Japan 225 (JP225USD) Makes Upward Move, Faces Resistance at Level 23750

Japan 225 (JP225USD) Makes Upward Move, Faces Resistance at Level 23750

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

Japan 225 (JP225USD) Long-term Trend: Ranging
Japan 225 is fluctuating in a sideways move below level 23750. The upward move has been hampered because of the overhead resistance. The price is fluctuating between levels 22950 and 23750.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 is at level 54 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the upward move.

Japan 225 (JP225USD) Medium-term Trend: Ranging
On the 4- hour chart, the market is in an upward move. On October 22 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will rise and reach the 21618 Fibonacci extensions. That is level 23754.40.

JP225USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move. JP225USD is above the 60% range of the daily stochastic. It implies that the market is in a bullish momentum.


General Outlook for Japan 225 (JP225USD)
Japan’s 225 index is in a sideways trend. Presently, it is rising and approaching the overbought region. Perhaps the market will reach a high of 23754.0.



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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.