Over the previous week, the Japan 225 market can be seen to have inched higher on account of some favorable economic developments. Debt concerns have eased and seem to have bolstered investor confidence.
Key Levels
Resistance: 51,000, 52,000, 53,000
Support: 49,000, 48,000, 46,000
Japan 225 Retains Its Lofty Support
Although trading activity in the NIKKEI 225 market closed the week’s trading in the red, price action remains above a crucial baseline. The last price candle on the chart appears red but presents only a minimal price decline.
As such, price action stands above the 9-day Exponential Moving Average (EMA) line. In addition, the lines of the Stochastic Relative Strength Index (SRSI) indicator are keeping to a straight upward trajectory and have risen into the overbought zone of the indicator.
NIKKEI Bulls Seem Determined to Keep Thrusting
On the Japan 225 4-hour price chart, one can see the last price candle standing just above the 9-day EMA. What’s more, the corresponding price candle to the ongoing session is green.
Meanwhile, the SRSI indicator lines have descended into the oversold region of the indicator. However, the lines of this indicator are converging for an upside crossover. Technically, this suggests that upside forces may cause the market to leap upward through the 51,000 price level initially and perhaps higher.
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