Japan 225 (JP225USD) Is Range-Bound but Consolidates Above Level 23500

Japan 225 (JP225USD) Is Range-Bound but Consolidates Above Level 23500

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

Japan 225 (JP225USD) Long-term Trend: Ranging
Japan 225 is fluctuating between levels 22600 and 23500. The price is testing the resistance and the support levels but unable to break it. The price is unable to break the resistance line as it resumes downward.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 is at level 56 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 levels 22750 and 23500. The price has broken above the resistance line and it is consolidating above it.

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 below the 80% range of the daily stochastic. It implies that the market is in a bearish momentum.

General Outlook for Japan 225 (JP225USD)
Japan 225 index is in a sideways trend. Since August, the market has been range-bound. It is fluctuating between levels 22600 and 23500. The index is yet to trend as price is consolidating above level 23500.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.