Japan 225 (JP225USD) Surges Ahead but Faces Resistance at 20000

Japan 225 (JP225USD) Surges Ahead but Faces Resistance at 20000

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

Japan 225 (JP225USD) Long-term Trend: Bearish
JP225USD is now in an upward move after the downtrend subsided. The index is currently facing resistance at 20000. Japan 225 is consolidating below 20000 as the bulls are finding penetration difficult at the resistance. The index was previously in the oversold region but buyers are emerging to push the index upward.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 is above 60% range of the daily stochastic. This indicates that the index is in bullish momentum. The market is in an oversold region. At the moment the bulls are emerging to push index upward. However, the daily stochastic is approaching the overbought region.

Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the Japan 225 is in an ascending channel. The upward move has been hampered at 20000 resistance. The market is now in a sideways trend above 19000. It is likely the upward move will continue.

JP225USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently at level 51 of the Relative Strength Index period 14. This indicates that the index is in an uptrend. Japan 225 is likely to rise as it is above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward

General Outlook for Japan 225 (JP225USD)
Japan 225 index is now in an upward move. It is currently facing resistance at 20000. JP225USD will resume the upward move if the bulls break the resistance at 20000. At the moment, the index is in a sideways move.

Instrument: Japan 225 (JP225USD)
Order: Buy
Entry price: 19201
Stop: 19100
Target: 19401

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.