Chartbook: Chart JP Nikkei Update: Lower in consolidation from Q2 all-time high

Settled back from the 72831 June all-time high to retrace between 50-61.8% of the gains from the March 2026 current year low to reach 60450 low. Subsequent bounce here has left a lower high at the 69608 August high.

Pullback from the latter see support starting at 63800 congestion ahead of the 60450 July corrective low. Break of the latter will confirm a top in place at the 72831 high and see deeper pullback to strong support at the 60000/59330, figure and late-February high. Below the latter will open up room for deeper correction of gains from the April 2025 year low to the 55000 figure then the strong support at 52600, 2025 year high. Would take break of the 63800 support to open up room for deeper pullback to the 60000 figure and support at the 59300 February swing high. Below the latter will turn focus to the downside and see deeper correction to strong support zone at the 52500/50000 area and March YTD low.

Meanwhile, resistance is lowered to August high at 69608 and extending to the 70000 figure. Would take break here to revive upside focus and clear the way for retest of the 72831 all-time high and see potential to extend the bull trend from the 2008 year low. Higher will see room for extension to 73000, the 78.6% projection of the April 2025-February 2026 rally measured from the March low, and the 75000 level.