The Nikkei 225 has been declining toward lower price levels in search of support. However, price action has finally rebounded as stocks began to strengthen. Although the price remains below some key technical levels, other indicators suggest that short-term gains may be possible.
Key Price Levels
Resistance Levels: 37,000, 37,500, 38,000
Support Levels: 36,000, 35,500, 35,000
Nikkei 225 Surges After Testing the 36,000 Support Level
Since the previous session, price action in the Japan 225 daily market has been retracing upward. The closing session shows greater momentum than the one before. However, price action remains below all the Moving Average (MA) lines.
Additionally, the Stochastic Relative Strength Index (RSI) lines are rising steadily into the overbought region. The lead line has already crossed above the 50 level of the indicator, suggesting that bullish momentum may still drive further gains in the market.
Japan 225 Upside Retracement Takes a Pause
In the Nikkei 225 4-hour market, price action has moved sideways for two session. However, it currently sits above the 20-day and 50-day MA lines, indicating some stability. At this point, bullish momentum appears to be taking a breather.
Despite this pause, there is still potential for a continuation of the upside retracement. The Stochastic RSI lines remain in the overbought region, though they have begun to move sideways due to the temporary stall in momentum. Nevertheless, traders may still target short-term gains toward the 38,000 price level.
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