Chartbook: Chart JP Nikkei Update: Corrective pullback from record high

Saw break of the 45850 September high to reach fresh all-time high at start of Q4 to 52636 high before settling back in consolidation above support at the 48000 level.

Pullback see prices unwinding deep overbought weekly studies following strong rally from the 30792, April current year low. Below the 48000 level will open up room for deeper correction to the September high at 45850 and the 44000 congestion. Break here, if seen, will see room to strong support at 42400/41090, the 2024 Q3 and Q1 highs.  

Corrective pullback is expected to give way to fresh gains later and break above the 52636 high will open up room for extension to the 54000. Gains beyond this, if seen, will see scope for extension to 56860, equality projection of the 2020/2024 rally from the 30792, April 2025 YTD low.