Key Support Zones: 20800, 20400, 20000
Japan 225 (JP225USD) Long-term Trend: Bearish
Japan 225 index is now in a bearish trend. The downward movement is caused by a bearish triple top pattern. This is a reversal pattern that reverses a previous uptrend. The bearish momentum was very powerful as it broke the 23000 support and dropped sharply. From the high of 24000, the index has fallen to a low of 17000. The price has fallen to the oversold region. JP225USD can remain in the oversold region pending when buyers emerge to push the index upward. It appears the selling pressure may continue.
Daily Chart Indicators Reading:
Japan 225 is below 20% range of the daily stochastic. However, the stochastic bands are horizontally flat. This explains that the oversold region has been long. In this region, selling has been exhausted. The 21-day SMA and the 50-day SMA are pointing downward indicating the downtrend.
Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the index is making a series of lower lows and lower highs. The market has fallen to a low of 17000 and made a pullback. The retest may result in a further downward move.
4-hour Chart Indicators Reading
The index is currently at level 45 of the Relative Strength Index period 14. The index is likely to fall as it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping southwardly indicating the downtrend.
General Outlook for Japan 225 (JP225USD)
Japan 225 index may likely continue the downward move. The market has reached the oversold region but the downward move is ongoing. The bulls are expected to emerge at the oversold to push the index upward.
Instrument: Japan 225 (JP225USD)
Order: Sell
Entry price: 18247
Stop: 19000
Target: 15000
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