The NKD Nikkei/USD futures daily chart shows a market in transition. Short-term momentum is slow, with price action consolidating after a recent pullback from the highs. The weekly session fib grid (WSFG) trend is down, and price is below the NTZ center, confirming short-term bearishness. Swing pivots also indicate a short-term and intermediate-term downtrend, with the most recent pivot low at 49565 and resistance levels overhead at 50500, 51600, and 52750. However, the monthly (MSFG) and yearly (YSFG) session fib grids remain in uptrends, with price above their respective NTZ centers, suggesting the broader trend is still bullish. The daily benchmarks show short-term and intermediate-term moving averages turning down, but the longer-term 55, 100, and 200-day averages are still trending up, supporting the idea of a larger bullish structure despite the current retracement. ATR and volume metrics indicate moderate volatility and steady participation. Recent trade signals reflect this mixed environment, with a short signal on Dec 1 following a long signal on Nov 26, highlighting the choppy, range-bound nature of the current market. Overall, the short-term outlook is bearish due to the prevailing downtrend and resistance overhead, but the intermediate-term is neutral as the market tests support, and the long-term remains bullish with higher time frame trends intact. This environment favors swing traders who are attentive to both reversal and continuation setups as the market navigates between key support and resistance levels.