Japan 225 (JP225USD) Resumes Downtrend After Facing Rejection at Level 22600

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 partially broken below the support level in early August. Buyers pushed price into the range-bound zone from the support line. The index rose to the middle of the price range and resumed a downward move.

Daily Chart Indicators Reading:
Japan 225 has fallen to level 47 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. The bulls have earlier tested the resistance at 22600 before resuming a downward move. A red candle body tested 0.618 Fibonacci retracement level. JP225USD is likely to reach the Fibonacci level 1.618 extension level. In other words, the market will fall and reach level  22100.

4-hour Chart Indicators Reading
Japan 225 is above 20 % range of the daily stochastic. It indicates that the market is in a bullish momentum. Also that the price is in bullish momentum. The 21-day SMA and the 50-day SMA are sloping southward.

General Outlook for Japan 225 (JP225USD)
Japan 225 index is falling southward indicating a downward move. The market is likely to fall to a low of 22100. Presently, the market is moving upward but may resume a downward move at level 22450.


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