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The Tokyo stock benchmark remains in the robust uptrend channel which has contained trade since October 27 last year. That channel encompasses this week’s rise to new 26-year highs. Incidentally that rise seems to have validated a channel top which, without it, might have looked a little spurious.



November 9’s intraday high used to mark not only that channel top but the only foray toward it since the formation was initiated. However, January’s peaks have so far respected the uptrend from that November 9 top, making it look a whole lot more valid.


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