NIKKEI defends 69107 low as full EMA stack stays aligned

NIKKEI has spent the past week dismantling resistance level after resistance level, and today's modest intraday pullback looks less like a reversal and more like a momentum market catching its breath.

The index is off 0.41% on the session, trading inside a 69107.5 to 70002.5 range. There is no macro catalyst driving the fade — this appears to be natural consolidation after a seven-day advance of more than 7.5%, with price holding in the mid-69300s as buyers absorb the offer.

The structure argues for continuation. Price sits well above EMA20 at 67757.92, EMA50 at 66590.74, and EMA200 at 63906.49, with the full EMA stack aligned in sequence — a configuration trend-following desks respect as the cleanest expression of a live uptrend. Trend is aligned up across all three timeframes. RSI is in overbought territory, which in a momentum regime frequently signals strength rather than exhaustion, though it does flag limited room before a deeper reset is required. Volatility is elevated, consistent with a directional tape rather than a ranging one. Prior support levels at 65568 and 64589 are now firmly in the rear-view mirror, and resistance at 69689 is the immediate ceiling to clear.

We buy dips into the 67757 to 69107 zone where EMA20 and the intraday low provide a natural entry shelf. A daily close below EMA50 at 66590 invalidates the call and demands full reassessment of the trend.