Nikkei clears 71000 as trend stack points to price discovery

The Nikkei is making a statement, grinding through resistance levels that were ceilings only weeks ago, and the trend stack shows no sign of exhaustion.

Futures are up close to 2% on the session and have printed a day range running from 69665.5 to 71394.5, a span that underscores elevated volatility and directional intent. The weekly gain sits well above 6%, and prior levels at 65568 and 66026 — each of which capped price in recent weeks — are now well behind the market.

The structural read is unambiguous. Trend is aligned up across the 1H, 4H, and daily timeframes, with EMA20 at 69354.52, EMA50 at 67867.38, and EMA200 at 64531.16 all stacked in a clean bull order beneath price. RSI sits firm without being overheated, and the elevated volatility regime is consistent with a momentum leg rather than a blow-off top. No resistance levels appear overhead on the technical sheet, which means the tape is in price-discovery mode. For a trend-following desk, that is the purest kind of opportunity: a market that has cleared the overhead, left buyers in profit, and has space to run.

We lean long and buy dips into the 69354–69665 zone where EMA20 and the session low converge. A daily close below 68747 support invalidates the call outright.