Nikkei 225 hits record high; signs of near-term pause

The Nikkei 225 reached an intraday record of 63,788 on May 11, based on Japan 225 CFD prices. Technology-related components drove the advance, with SoftBank Group and Murata Manufacturing rising about 58% and 53% over the past month, respectively.

OANDA technical analysis by senior market analyst Kelvin Wong identified a minor head-and-shoulders pattern that began forming on May 7, with a neckline near 61,945. The analysis also noted a five-wave Elliott sequence that likely completed near a 0.382 Fibonacci extension at about 63,772. Hourly relative strength index readings showed bearish divergence from May 7 while in overbought territory.

Immediate support levels reported are 61,945, 61,180 and 60,795, with a deeper support around 59,970, which aligns with the 20-day moving average. Resistance is mapped at 65,010–65,040 and 66,190–66,568, the latter marking the upper edge of an ascending channel that began from the March 30 low.

An OANDA analysis published April 16 had forecast a continuation above 62,044; the index cleared that level in the following four weeks. The current note is based on Japan 225 CFD intraday price action and short-term technical indicators rather than long-term fundamental analysis.

Market participants will monitor price behavior near the 64,145 pivot, the 61,945 neckline and hourly RSI readings for indications of a shallow retracement or a deeper corrective phase.