Japan 225 (NIKKEI 225) Upside Ascends a Bullish Path

For most of the week, price action has been pushing toward higher ground throughout the week. However, the market closed in the red, but the market still maintains an overall upward path. Since price action stands above important technical levels, upside forces hold a good outlook.

Key Levels

Resistance: 45,000, 46,000, 47,000

Support: 44,000, 43,000, 42,000

NIKKEI Hits a Brick Wall at 44,500

While the ongoing session in the Japan 225 market has appeared as a red price candle, the mentioned price candle here is a compressed red price candle. Albeit, price action stands above the 9-day Exponential Moving Average (EMA) line.

Meanwhile, the lines of the Stochastic Relative Strength Index (SRSI) are merged but stay in the overbought region without much inclination to descend. Therefore, considering the general basis of this market, it seems buyers may continue dominance.

Japan 225 Bears Eye a Rock Bottom

Looking at the NIKKEI 225 market on the 4-hour chart, price action seems to thin out. The 9-day EMA curve is at the 44,403 price level, but the ongoing session is at the 44,400 price level. Clearly, price action has fallen below the 9-day EMA line.

Meanwhile, the SRSI lines are falling very fast and are now in the oversold region. Seeing that price action is not moving that much while the lines of the SRSI are falling very fast, bearish sentiment appears weak and may be easily resisted at this point. Therefore, this market may rebound toward the 45,000 price level.

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