The Japan 225 market has seen an impressive comeback over the week. In fact, the futures now trade above crucial technical levels. This gives upside forces an edge in the market and may open doors for subsequent price increases in the coming sessions.
Key Levels
Resistance: 50,000, 52,000, 54,000
Support: 48,000, 46,000, 44,000
Japan 225 Looks Strained
For two sessions, price action in the NIKKEI 225 daily market has stayed green and above the 9-day Exponential Moving Average (EMA) line. However, price action can be seen remaining in nearly the same spot for two sessions.
Similarly, the Stochastic Relative Strength Index (SRSI) indicator lines have a general upward bearing. The lead line has risen past the 50 mark but shows a sideways deflection. Consequently, the impression remains that headwinds are restricting progress at the moment.
NIKKEI Market Stays Resilient
The Japan 225 market remains above the 9-day EMA curve on the 4-hour chart. While the previous session ended in green, the ongoing session has presented a modest pullback.
This is reflected in the appearance of a red price candle on the chart. Meanwhile, the SRSI indicator lines can be seen converging below the 70 mark. As such, the market may still advance on its upward course toward the 51,000 price mark.
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