JP225 4H: Key Resistance at 63,400 — Downtrend Structure IntactJapan 225 IndexPURPLETRADING:JP225LIVERMORE333JP225 4H Analysis: Rebound Continues, but Downtrend Structure Remains Intact JP225 has rebounded from the October 23 low at 61,485.02. However, the 4H EMA20 and EMA50 remain in a clear downtrend (DC) and are both sloping downward. Price continues to trade below both moving averages, so the counter-trend bias remains unchanged. Key Level: 63,400 Area (63,432.28) This zone aligns with the previous swing high area and is likely to act as resistance. A rejection here (price fails to close clearly above 63,432 and returns below the declining EMAs) would keep the current structure intact and open the path toward the important support at 60,328.11. Upside Scenario A clean break and close above 63,400 would shift focus to the next resistance at 65,397.06. However, a full reversal of the existing lower-high / lower-low structure would require a decisive break above 65,397 as well. Until that level is clearly exceeded, the downtrend structure remains the dominant framework. Summary Rebound is underway, but still within the broader downtrend. Priority is the reaction around 63,400. Failure at 63,400 → 60,328 support becomes the main scenario. Full trend reversal requires a break above 65,397. Primary framework: 4H EMA20/50 + Swing Structure. Bias remains counter-trend until the declining EMA structure is clearly invalidated. #JP225 #Nikkei225