Nikkei 225 index price trades above key support as 38,200 becomes pivot level
Nikkei 225 holds above EMAs and cloud support, eyes breakout above resistance zone
The Nikkei 225 is showing signs of consolidation near a key resistance band, pausing after a strong rebound from its late May lows. As of June 9, 2025, price action on the 30-minute chart remains capped below the 38,200 region—a short-term supply zone that has stalled further upside despite bullish structure.
Key highlights
- Nikkei 225 trades below 38,200 as upside momentum stalls at key resistance
- Price remains above 20–200 EMAs on multiple timeframes, signaling broader bullish structure
- Failure to hold 37,999–37,650 could lead to a pullback toward 37,200
The index is still trading above the Ichimoku Cloud, suggesting that overall momentum remains intact, although a downturn in the Stochastic RSI indicates a cooling phase may be underway. Support at the cloud’s base around 37,999 remains critical in the short term.
Short-term indecision contrasts with long-term strength
On the 4-hour chart, the index has maintained position above the 20, 50, 100, and 200 EMAs following a bullish breakout from a falling wedge earlier this month. That reversal was confirmed with rising volume and a push through dynamic resistance. However, the most recent candles are small-bodied, suggesting market hesitation near the 38,100–38,200 resistance band.
Nikkei 225 price dynamics (Source: TradingView)
The RSI on both 30-minute and 4-hour charts is hovering near 65–69, showing reduced bullish momentum but not outright reversal. Meanwhile, MACD signals on shorter timeframes are flattening, indicating potential consolidation or a minor pullback.
Medium-term breakout hinges on sustained support
The daily and weekly charts affirm the broader bullish picture. The weekly structure shows the Nikkei 225 reclaiming the 61.8% Fibonacci level from its February highs, with the price now supported above 38,000. The daily Ichimoku cloud has flipped green and the lagging span continues to track above price and cloud levels, underscoring medium-term bullish sentiment. A breakout above 38,200 could unlock further upside toward 38,454 and 39,000, while any weakness below the 37,999–37,650 region risks dragging the index back toward the 37,200 support zone.
In earlier coverage, we noted the Nikkei 225’s recovery above key EMAs and its breakout from a falling wedge pattern. As the index now tests 38,200 resistance, the next move could determine whether the uptrend continues or if a corrective phase emerges.
