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

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.

JP225USD – Daily Chart

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.

JP225USD – 3 Hour Chart

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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