The Japan 225 market can be seen to have surged significantly on New Year’s Day. This move extended into the next trading day as well. This appears to have been aided by a tech stock rally. Also, metals are heating up as they continue on a bullish path.
Key Levels
Resistance: 51,000, 52,000, 53,000
Support: 49,000, 48,000, 46,000
Japan 225 Sees an Additional Modest Gain
The NIKKEI 225 on the daily chart stayed on an upward course. The last price candle on the chart is green and stands above the 9-day Exponential Moving Average (EMA) line.
Though it appears quite small, the fact that it stands above the 9-day EMA holds some positivity. The Stochastic Relative Strength Index (SRSI) indicator lines have risen and show a slight sideways bend at the terminal part but remain above the 80 level of the indicator. This hints at the continued bullish momentum in the market.
NIKKEI Pulls Back Slightly
The Japan 225 market can be seen to have registered a bearish pullback in the ongoing session on the 4-hour price chart. The last price candle here is red and dips the market toward the 9-day EMA curve.
Meanwhile, the movement of the SRSI indicator lines appears quite exaggerated, considering how high they have risen relative to the level of price increase on the chart. However, price action in this market may still rebound upward off the support at the 9-day EMA. As such, traders can still eye short-term gains toward the 51,000 price level.
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