Japanese stocks reach below support

Source: Dukascopy Bank SA


The Japanese stock index made another attempt to pass above the 33,500.00 mark in mid-September. The resistance of the high level was enough to cause a decline below the 50-day simple moving average and the 31,245.00/31,800.00 range. Most recently the stocks found support at 30,285.00/30,630.00 and the 200-day SMA.

A recovery of the stock index would most likely face resistance first in the 31,245.00/31,800.00 range, before approaching the 50-day simple moving average near 32,300.00. Higher above, the 33,500.00 mark could once again act as resistance.

On the other hand, a decline is set to look for support in the 200-day SMA and the 30,285.00/30,630.00 range. Further below, the 30,000.00 level could slow down a descent.
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