Nikkei clears 70000 as trend stack stays fully aligned up

The Nikkei is knocking on the 70000 door with no meaningful supply overhead and a trend stack that refuses to bend.

The index added 1.36% on the session and printed a high of 70134.5, its best level in recent memory, following a week that has seen a gain of more than 11%. A succession of prior resistance levels — including 65568 and 64589 — have been broken and converted into support over that run, leaving the tape structurally clean on the way up.

The momentum read is about as clear as it gets. Trend is aligned up across 1H, 4H and 1D, which from a trend-following perspective is the cleanest confirmation available. Price trades comfortably above EMA20 at 68507, EMA50 at 67194, and EMA200 at 64208, the full ascending stack intact. RSI is elevated but has not reached an extreme that would flag exhaustion risk. Volatility is elevated, which in the context of a trending market supports wider swings within the direction of the move rather than signalling a reversal. Prior context shows 69996 was tested and held, lending that area added significance as base demand.

We lean long and buy pullbacks into the 68507–68755 zone, where EMA20 converges with the session low. A daily close beneath EMA50 at 67194 invalidates the setup and forces a reassessment.