{
  "ticker": {
    "uuid": "2b89ff25-0752-4ed7-b177-1081f715b2e7",
    "symbol": "JPHU",
    "name": "Amundi Index Solutions - Amundi JPX-Nikkei 400 UCITS ETF-C USD Hedged",
    "exchange": "PAR",
    "country": "FR",
    "assetType": "etf"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 62.91,
    "architecture_energy": 41.489,
    "architecture_maturity": 63.137,
    "architecture_confidence": 85.423,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 23.17,
        "rotation_up": 41.49,
        "upward_expansion": 67.77,
        "deceleration": 85.47,
        "rotation_down": 27.49,
        "downward_expansion": 17.77
      },
      "activity_lines": [
        549.704679,
        550.280644,
        542.857254,
        532.884751
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 560.0,
    "trend_reference": 520.10313,
    "distance_from_trend": 0.07671,
    "trend_direction": "Improving",
    "fair_value": 378.727838,
    "distance_from_fair_value": 0.478634,
    "fair_value_direction": "Improving",
    "relative_strength": 8.649136,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.115381,
    "excess_performance": 0.062069,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.07671,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.066918,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.478634,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.002352,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.086491,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.095136,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.115381,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.448609,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 375,
      "relative_activity": 1.22429,
      "balance": 2.448609,
      "dry_up": 0.766405,
      "accumulation_observations": 4,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.023297,
      "annualized_volatility": 0.175951,
      "from_high_reference": -0.002494,
      "from_low_reference": 0.461586
    },
    "levels": {
      "trend_reference": 520.10313,
      "fair_value_reference": 378.727838,
      "structural_low": 471.114685,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 9,
        "median_return": 0.03361,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.020087,
        "regime_survival": 0.333333,
        "best_return": 0.071417,
        "worst_return": -0.033353,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.051309,
        "positive_rate": 0.833333,
        "directional_follow_through": 0.833333,
        "median_excess_return": -0.000273,
        "regime_survival": 0.166667,
        "best_return": 0.145748,
        "worst_return": -0.070878,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.063262,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.016185,
        "regime_survival": 0.0,
        "best_return": 0.230237,
        "worst_return": -0.034564,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.25347,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.170204,
        "regime_survival": 0.666667,
        "best_return": 0.278765,
        "worst_return": -0.017796,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-08-02",
        "end": "2024-08-23",
        "tenure": "New",
        "return": 0.098271,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-30",
        "end": "2024-09-06",
        "tenure": "New",
        "return": -0.017828,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-09-13",
        "end": "2024-12-13",
        "tenure": "Established",
        "return": 0.060473,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-12-20",
        "end": "2025-02-28",
        "tenure": "Developing",
        "return": -0.011181,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-03-07",
        "end": "2025-03-14",
        "tenure": "New",
        "return": -0.008879,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-03-21",
        "end": "2025-03-28",
        "tenure": "New",
        "return": 0.00899,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-04-11",
        "tenure": "New",
        "return": 0.01539,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-05-02",
        "tenure": "New",
        "return": 0.074034,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-05-09",
        "end": "2025-05-16",
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        "return": 0.020098,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-05-23",
        "end": "2025-06-06",
        "tenure": "New",
        "return": 0.020041,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2026-03-20",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "return": 0.090428,
        "active": false
      },
      {
        "regime": "upward_expansion",
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        "color": "green",
        "start": "2026-04-24",
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      {
        "regime": "deceleration",
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        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.0,
        "active": true
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        "date": "2026-05-08",
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        "date": "2026-06-05",
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      },
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        "date": "2026-06-26",
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      {
        "date": "2026-07-03",
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      },
      {
        "date": "2026-07-10",
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        "relative_strength": 15.712165,
        "stage": 2,
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        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 75.684521,
        "energy": 86.958188,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 540.440002,
        "volume": 92,
        "typical_volume": 332.05,
        "trend": 511.570212,
        "fair_value": 373.269107,
        "relative_strength": 11.201562,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 65.391084,
        "energy": 60.056484,
        "activity_lines": [
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          536.064458,
          526.151319
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      },
      {
        "date": "2026-07-24",
        "close": 546.530029,
        "volume": 156,
        "typical_volume": 326.8,
        "trend": 514.655272,
        "fair_value": 375.055059,
        "relative_strength": 11.402856,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 62.377559,
        "energy": 53.546834,
        "activity_lines": [
          549.164018,
          548.861704,
          538.321913,
          528.406791
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      },
      {
        "date": "2026-07-31",
        "close": 541.52002,
        "volume": 316,
        "typical_volume": 318.45,
        "trend": 517.45637,
        "fair_value": 376.842546,
        "relative_strength": 8.117734,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 47.07969,
        "energy": 37.830714,
        "activity_lines": [
          546.094019,
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          539.840482,
          530.140001
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      },
      {
        "date": "2026-08-07",
        "close": 560.0,
        "volume": 375,
        "typical_volume": 306.3,
        "trend": 520.10313,
        "fair_value": 378.727838,
        "relative_strength": 8.649136,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 62.910074,
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        "activity_lines": [
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      }
    ],
    "method": {
      "price_basis": "completed market observations",
      "trend": "Trend provides the primary directional reference.",
      "fair_value": "Fair Value provides long-term price context and is not a forecast or target.",
      "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.",
      "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read."
    }
  }
}