Technical analysis

JPN225 Wave Analysis 14 May, 2021

• JPN225 reversed from key support 27500.00

• Likely to rise to resistance level 28500.00

JPN225 recently reversed up from the key support 27500.00 (former resistance from December) – standing near the lower daily Bollinger Band and 38.2% Fibonacci correction of the daily uptrend from October.

The upward reversal from the support 27500.00 created the daily Japanese candlesticks reversal pattern Hammer.

JPN225 is likely to rise further toward the next resistance level 28500.00 (former strong support from March and April).

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