JP225 4H: Bearish Bias Intact – Key Resistance at 63,400Japan 225 IndexPURPLETRADING:JP225LIVERMORE333JP225 4H Weekly Outlook The larger downtrend remains intact. Price has continued to decline after the October 29 high of 65,378.77, which is now acting as a lower high. On the 4H chart, both EMA20 and EMA50 are in a clear downtrend, sloping downward with the gap between them expanding. Price remains below both moving averages, so the bias stays bearish. Key Level: 63,400 area (around 63,399) This zone was briefly broken to the upside on October 27 but has since broken back below, making it a high-probability resistance area. If price is rejected here and fails to close above it while remaining under the declining EMAs, the current down structure stays valid, and a move toward the 60,425.85 support zone becomes the main scenario. Upside Scenario A genuine shift out of the current lower-high / lower-low structure requires a clear break above 65,397.06. Until that level is decisively cleared, the downtrend remains the dominant framework. Note that the post-FOMC spike to 65,378.77 last week failed to break this resistance, which helped keep the bearish bias intact. Summary ・Larger downtrend still in progress ・Priority is the reaction around 63,400 ・Rejection at 63,400 → approach toward 60,425 is the main scenario ・A structural trend change requires a break of 65,397.06 Primary Framework: 4H EMA20/50 + Swing structure. Bias remains bearish until the down structure is clearly invalidated. #JP225 #Nikkei225