Japan index aims at all-time high

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Throughout 2021, the Japan 225 index has been trading between the support of 26,900.00/27,150.00 zone and the resistance of 30,590.00/30,830.00. Namely, the rate made two attempts to pass the resistance zone and kept finding support in the support zone since May.

Most recently, in early October, the index bounced off the support zone and started a surge. By examining the four hour candle chart it can be spotted that since October 10 the index has been trading in a channel up pattern. Meanwhile, round price levels have been impacting the price. Namely, note the support of the 28,500.00 and 29,000.00 levels and the resistance of 29,500.00 and 30,000.00.

On a smaller scale, it can be observed that round price levels like the 29,600.00 and 29,800.00 have been providing short term support and resistance. In addition, the 50 and 200-four hour period simple moving averages have acted as support and resistance.

In regards to the future, the index could reach for the support of the channel up pattern near the 29,000.00 level and the 200-period simple moving average. In the case that the index breaks the pattern and declines, it could look for support in the 28,380.00/28,500.00 zone.

On the other hand, a surge, even in the borders of the pattern, would encounter resistance at round price levels, before reaching the 2021 high level zone.
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