Japan 225 index reaches resistance line

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


Last week, the Japan 225 index reached the upper trend line of the channel down pattern, which has guided the stocks down since September 2021. Near term future scenarios were based upon whether the trend line holds.

If the stocks bounce off the resistance line, a potential decline is expected to first look for support in the 2021 low level zone at 27,000.00 and the 50-day simple moving average near 26,750.00. A move below these levels would have no close by technical support as low as the 2022 low level at 24,510.00. However, take into account that the 26,000.00, 25,500.00 and 25,000.00 might act as support.

Meanwhile, a breaking of the pattern would most likely encounter resistance in the 28,500.00 and 29,000.00 levels, before the 2022 high level at 29,400.00 is tested.
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