Technical Analysis – Will JP 225 index continue its record rally?
JP 225 index flirts with all-time highs
Short-term technical signals remain encouraging
Japan’s 225 stock index (cash) is on the rise again, aiming to revive its five-month-old positive trend above the March record high of 40,564 after finding support near the 38,310 area.
The technical signals favor the upward move in the price as the RSI is sloping northwards and is still some distance off its 70 overbought mark. The stochastic oscillator continues to trend up, and the MACD is looking to rise above its red signal line, both backing the bullish scenario too.
If the market enters uncharted territory, the bulls could temporarily stop inside the 41,400-42,000 range, which is defined by two upward trendlines. Running higher, the index could gear up to 44,211, where the 261.8% Fibonacci extension of the latest downfall is positioned.
On the downside, the 20-day simple moving average (SMA) could come first into view at 39,432 ahead of the ascending trendline at 38,884. A break below the latter could lose steam somewhere between the 23.6% Fibonacci retracement of the five-month-old upleg at 38,160 and the 50-day SMA at 37,826. If the bears win the battle there, the door could open for the 37,000 round level and the 38.2% Fibonacci of 36,674.
Summing up, the uptrend in Japan’s 225 stock index may have more legs to continue higher in the coming sessions, with the confirmation signal expected to come above 40,564.
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