Japan 225 (JP225USD) Resumes a Downward Move, May Reach Level 21400

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
Japan 225 is range-bound between levels 22000 and 23000. The price has broken level 22000 and the downward move is likely to continue. On the downside, if the price breaks the support line and closes below it, the selling pressure will continue.

Daily Chart Indicators Reading:
Japan 225 has fallen to level 41 of the Relative Strength Index. The index is in a downtrend zone and it is presently falling. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend.

Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. A green candle body tested the 0.382 Fibonacci retracement level. It indicates that the index will fall and reach the low of level 2.618 Fibonacci extension level. Nonetheless, the first target will be at level 1.618 extension level. The second target will be at level 2.618 extension level or level 21400.

4-hour Chart Indicators Reading
Japan 225 is below 20 % range of the daily stochastic. It indicates that the market has reached the oversold region of the market. This indicates that the price is in bearish momentum. The 21-day SMA and the 50-day SMA are sloping southward.

General Outlook for Japan 225 (JP225USD)
Japan 225 index is falling after a sideways move for the past two months. The market is falling and expected to reach the low of level 21400.

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