DislikedHowever.. my opinion is the August down side is limited to 231-232 area.. It may go up to 260 starting from next month.
monthly resistance is @ 224.23Ignored
The ruling Liberal Democratic Party of Prime Minister Shinzo Abe suffered a major defeat, as predicted, in elections for the upper house of the Japanese Diet. Mr. Abe will not resign, as would have happened if the election had been for the lower house which elects the Prime Minister. But his ability to continue the economic reforms of his predecessor Junichiro Koizumi has been severely diminished. Will this defeat embolden the Bank of Japan to raise rates sooner rather than later, or will the ensuing political paralysis delay the normalization of interest rates even longer? Our bets are on the latter result.
So if no rate hike after the BoJ meets this month then possibly the following month September, and as such we can expect a return to the uptrend as you say sometime next month - after he BoJ meets.