Japan 225 (JP225USD) Reaches Level 24000 Resistance Zone, Resumes Sideways Move

Estimated Reading Time: 2 minutes

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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 is fluctuating between levels 22000 and 23700. The price is trading close to the resistance zone. Buyers are unable to break above it. The price finds support above the SMAs after it is repelled at the resistance level. The market now consolidates in the middle of price range.

Daily Chart Indicators Reading:
Japan 225 is at level 55 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 sideways indicating the sideways move.

Japan 225 (JP225USD) Medium-term Trend: Ranging
On the 4- hour chart, the market is in a sideways move. It is currently fluctuating between level 22840 and 23600. The price action is fluctuating in the middle of the price range. The index is currently approaching the resistance to break above it.

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 30% range of the daily stochastic. It implies that the market is in a bullish momentum.

General Outlook for Japan 225 (JP225USD)
Japan 225 index is in a sideways trend. The index currently fluctuates between level 22000 and 24000. Previously, the index is in an uptrend before the sideways move. Japan 225 index is in a sideways trend

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