Japan 225 (JP225USD) Fluctuates but Trades Below Level 23600 Resistance

Japan 225 (JP225USD)Fluctuates but Trades Below Level 23600 Resistance

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Azeez Mustapha

Updated: 13 October 2022

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

Japan 225 (JP225USD) Long-term Trend: Ranging
The index has continued to fluctuate between levels 22000 and 23000. Presently, the price has broken the resistance line and has continued to fluctuate above it. The price action is characterized by small body candlesticks called Doji.

Daily Chart Indicators Reading:
Japan 225 is at level 52 of the Relative Strength Index. It indicates that the market is in the midpoint of the centerline 50. In other words, there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways move.

Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the market was earlier in an upward move. The index is fluctuating above the resistance line. It is also trading below the 23600 resistance. The price was corrected upward and resumed consolidation above level 22900.

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. JP225USD is below the 50% range of the daily stochastic. It implies that the market is in a bearish momentum.

General Outlook for Japan 225 (JP225USD)
Japan’s 225 index is trading above the resistance line of the horizontal channel. The market is in a sideways trend and above the upper price range. The bulls have been pushing price to the previous highs.

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