{
  "ticker": {
    "uuid": "99163889-1ca5-40ee-92b2-197b333676ac",
    "symbol": "2514",
    "name": "NEXT FUNDS International Equity MSCI-KOKUSAI (Yen-Hedged) ETF",
    "exchange": "JPX",
    "country": "JP",
    "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": "^N225",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 77.046,
    "architecture_energy": 58.915,
    "architecture_maturity": 41.385,
    "architecture_confidence": 79.39,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding upward.",
        "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing."
      },
      "scores": {
        "balance": 21.4,
        "rotation_up": 54.79,
        "upward_expansion": 84.03,
        "deceleration": 50.63,
        "rotation_down": 24.58,
        "downward_expansion": 10.7
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      "activity_lines": [
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      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 2063.0,
    "trend_reference": 1922.607707,
    "distance_from_trend": 0.073022,
    "trend_direction": "Improving",
    "fair_value": 1648.809728,
    "distance_from_fair_value": 0.251206,
    "fair_value_direction": "Improving",
    "relative_strength": -8.992499,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.12179,
    "excess_performance": -0.087469,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.073022,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.027262,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.251206,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.013959,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.089925,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.076595,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.12179,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 17.172652,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 200417,
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      "balance": 17.172652,
      "dry_up": 2.111841,
      "accumulation_observations": 2,
      "distribution_observations": 0
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    "risk": {
      "range_context": 0.024199,
      "annualized_volatility": 0.108611,
      "from_high_reference": -0.009602,
      "from_low_reference": 0.202214
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    "levels": {
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      "fair_value_reference": 1648.809728,
      "structural_low": 1716.0,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
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    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 40,
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        "positive_rate": 0.65,
        "directional_follow_through": 0.65,
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        "worst_return": -0.062123,
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        "horizon": "Intermediate",
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        "horizon": "Full cycle",
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        "date": "2026-06-05",
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        "date": "2026-06-12",
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        "activity_lines": [
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      },
      {
        "date": "2026-07-24",
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        "volume": 9619,
        "typical_volume": 34018.35,
        "trend": 1911.600655,
        "fair_value": 1640.201324,
        "relative_strength": -12.294811,
        "stage": 3,
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        "modifier": "Established expansion",
        "gate": "up",
        "direction": 44.943768,
        "energy": 32.909392,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 2006.0,
        "volume": 175880,
        "typical_volume": 37206.3,
        "trend": 1916.336723,
        "fair_value": 1644.302944,
        "relative_strength": -10.296958,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 57.643027,
        "energy": 38.299888,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 2063.0,
        "volume": 200417,
        "typical_volume": 46975.0,
        "trend": 1922.607707,
        "fair_value": 1648.809728,
        "relative_strength": -8.992499,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
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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."
    }
  }
}