Japan 225 (JP225USD) Unable to Sustain above 20000, Faces Selling Pressure

Japan 225 (JP225USD) Unable to Sustain above 20000, Faces Selling Pressure

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

Japan 225 (JP225USD) Long-term Trend: Bearish
JP225USD upward move has been hampered because of the resistance at 20000. The index is falling back to the 16000 low. The upward may resume if the index falls to the low of either 16000 or 17000. Japan 225 would have reached a high of 22000 if the resistance at 20000 is breached.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 is below 75% range of the daily stochastic. This indicates that the index is in bearish momentum. The market is in an oversold region. The index is falling because the bulls lack buying power at higher levels.

Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the Japan 225 is in a descending channel. The upward move has been interrupted at 20000 resistance. The price is in a sideways move  after the 20000 resistance. The price is retraces to the low of 17000 and consolidates above it.

JP225USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently at level 36 of the Relative Strength Index period 14. This indicates that the index is in the downtrend zone and approaches the oversold region. Japan 225 is likely to rise as it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally.

General Outlook for Japan 225 (JP225USD)
Japan 225 index is falling after the resistance at 20000. The upward move will resume if the resistance at 20000 is breached. The index is currently consolidating above 17000. The market is now in a sideways trend.

Instrument: Japan 225 (JP225USD)
Order: Buy
Entry price: 17778.10
Stop: 17778.10
Target: 17978.10

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.