JP225 seems undecided in the short term as it moves sideways. The bias is still bullish, so the stock index could increase after the current decline. This could be only a temporary accumulation before jumping higher.
Personally, I believe that JP225 could increase further if the US30 index resumes its growth. We have a correlation between these two indices.
JP225 is retesting the uptrend line and the broken upper median line (uml) of the descending pitchfork. Staying above these levels could signal further growth.
Technically, a new higher high, jumping and closing above 29,151.2 could really activate an upside momentum. JP225 could increase towards 29,276.7 high after failing to reach the descending pitchfork’s median line (ml).
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