Japan 225 (JP225USD) Rebounds Above Level 23400, Targets Level 23800

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 22800 and 23600. On October 8, the index reached a high of 23723 but was resisted. For the past week, the market has been on a downward move. However, the range-bound levels have not been broken convincingly since August.

Daily Chart Indicators Reading:
Japan 225 is at level 53 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 a sideways move. On October 16 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. It indicates that the market will rise and reach the 2.618 Fibonacci extension. That is level 23628.

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 50% 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. Presently, it is rising and approaching the overbought region. In a short period, the market will resume a downward move.



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