Japanese stocks find support in 27,500.00

Source: Dukascopy Bank SA


In general, the Japanese stocks appear to have continued to recover throughout Summer. However, note that they are traded against the Japanese Yen, which has experienced a major decline. In September, the stocks were finding support in the 27,260.00/27,450.00 zone. Meanwhile, resistance was provided by the 28,650.00/28,680.00 zone.

In the case of a decline below 27,260.00/27,450.00 the index might find support in the 200-day simple moving average near 27,150.00. Further below, the 2021 low level at 27,000.00 might impact the stocks.

Meanwhile, a stock market recovery would result in the index testing the 28,650.00/28,680.00 zone. Higher above note the August high at 29,250.00 and the 2022 high level at 29,400.00.
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