Japan 225 index trades below technical levels

Source: Dukascopy Bank SA


As laid out in one of the forecast scenarios on March 28, the Japan 225 index has bounced off the combination of the 200-day simple moving average, the upper trend line of a channel down pattern and the 28,500.00 level. On April 25, the index was retreating to the April low level after a consolidation retracement occurring during the week before.

If the index continues to decline, it might look for support in round price levels until the 2022 low level at 24,510.00 is reached. Note that the 26,000.00 had acted as support during the early trading of this year.

On the other hand, a possible recovery would face the 50-day SMA near 26,800.00, the 2021 low level zone and the 27,000.00 mark, before approaching the resistance line of the channel down pattern.
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