Chartbook: Chart JP Nikkei Update: Extend to record high

Rally above the 40000 level at the start of Q3 saw follow-through to break the July high at 42426 to reach fresh all-time high just below the 44000 level.

Prices has since settled back to consolidate at the 42000 level and see room for deeper pullback to correc strong rally from the 30793, April current year low. Lower will open up room for corrective pullback to strong support at the 40000/38000 area which is expected to underpin. Failur here will open up room for deeper correcction to the 36000/35000, congestion and channel support from the March 2020 year low.

Meanwhile, break above the 44000 level will see room for further bull extension to the 45000 level. Gains beyond this, if seen, will see scope for extension to the channel resistance at the 46000/46500 area projected to the December 2025.