Chartbook: Chart JP Nikkei Update: Consolidate break to fresh all-time high

Consolidation beneath the 59332 February high gave way to break in Q2 to reach fresh all-time high at 68786 in early-June.

Subsequent pullback seen unwinding the overbought daily and weekly studies and retracing strong gains from the 50560 March current year low. The resulting weekly pin bar threatens a small top in place at the 68786 high and see room to deeper correction of gains from the April 2025 year low. 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 67000 level. Above here will expose the 68786 high to retest and see potential to extend the underlying bull trend from the 2008 year low to target the 70000 level. Higher still, will see room for extension to the 73000 level, a 78.6% projection of the April 2025-February 2026 rally measured from the March low.