Nikkei pushes 71387 high as trend stack stays fully aligned

The Nikkei is doing exactly what a clean trend should do: breaking levels, holding pullbacks shallow, and grinding higher without giving sellers a clean entry.

The index added 1.65% on the day and printed a session range of 69665.5 to 71387.5, extending a weekly gain of more than 6%. No single macro catalyst is driving this session, but the prior-week tape tells the story clearly. A string of levels stretching back through the 65568 area have all been broken and absorbed, with each prior resistance now acting as base for the next leg.

The setup is as constructive as trend-following gets. Price sits well above EMA20 at 69158.05, EMA50 at 67730.39, and EMA200 at 64472.22, with the full EMA stack aligned and rising. Trend is confirmed up across every timeframe. RSI sits in neutral-to-firm territory, not yet stretched, which leaves momentum room to run before mean-reversion risk appears. Volatility is elevated relative to recent norms, consistent with a trending rather than ranging regime. With no overhead resistance registered and the nearest support sitting at 68747, the path of least resistance remains higher.

We look to buy dips into the 69158–69665 zone where EMA20 and prior session lows converge. A daily close beneath 68747 invalidates the structure and forces a stand-down on the bullish view.