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Aayush Jindal

Key Highlights

  • East Japan Railways stock price is moving higher from the ¥7,785 support.
  • A major bullish trend line is forming with support near ¥7,875 on the daily chart.
  • The bulls could face strong resistance near the ¥8,200 zone.
  • The company’s operating revenue stands at ¥1,115,073 for the six-month period ending September 30, 2023.

East Japan Railways Price Analysis

After finding support near ¥7,785, East Japan Railways (TYO: 9020) started a decent increase. It climbed above ¥7,880 to move into a positive zone.

In October 2023, the company published its earnings report for the six-month period ending September 30, 2023. The company’s operating revenue was ¥1,115,073 and its operating income was ¥66,710.

Looking at the daily chart of East Japan Railways stock, there was a clear move above the 50% Fib retracement level of the downward move from the ¥8,187 swing high to the ¥7,786 high.

The price is now consolidating above the ¥8,000 support. There is also a major bullish trend line forming with support near ¥7,875 on the same chart. On the upside, the bulls seem to be facing resistance near the ¥8,185 and ¥8,200 levels.

A close above the ¥8,200 level could stage a strong increase. In the stated case, there could be a move toward the ¥8,425 level.

If not, the price might start a downside correction. Immediate support is near the ¥7,780 level. The next major support is near the trend line and ¥7,900. A downside break below the trend line support might send the price further lower toward the ¥7,785 zone.

Economic Releases

  • US ADP Employment Change for Nov 2023 - Forecast 130K, versus 113K previous.
  • BoC Interest Rate Decision – Forecast 5%, versus 5% previous.