Japan 225 (JP225USD) Strongly Facing Rejection at 20500 Resistance

Key Resistance Zones: 23200, 23600, 24000
Key Support Zones: 20800, 20400, 20000

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 is trading below the resistance at 20500. In April, the bulls tested the resistance at 20500 but were resisted. The market fell to level 19500. On May 11, the bulls retested the resistance but were resisted again. The market is falling toward the support Line.

Daily Chart Indicators Reading:
Japan 225 has fallen to 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 uptrend. The 21-day SMA is acting as a support line

Japan 225 (JP225USD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an ascending channel. The price is fluctuating within the ascending channel. After the resistance at level 20500, price fell to level 19500 and rebounded. The index is likely to rise.

4-hour Chart Indicators Reading
Japan 225 is now above 40% range of the daily stochastic. This indicates that price is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upwardly indicating the upward move.

General Outlook for Japan 225 (JP225USD)
Japan 225 is presently trading below 20500 resistance. Since April, the market has not traded above resistance at 20500. An upward movement is expected as the price reaches the support line. The index will rise to level 21500 if the resistance at 20500 is breached.


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