Thoughts on Nikkei approaching 38,000

Been watching the Nikkei a bit more closely recently, and it's fascinating to see it flirt with that 38,000 level. It's obviously a psychologically significant point, but also a major resistance zone that has been respected multiple times in the past. If you look at the weekly chart, there's a clear area of prior rejection around that price. My working theory is that we're likely to see some consolidation or even a minor pullback if it hits there with less than convincing volume. The risk to that view, of course, is a strong impulse move, perhaps driven by some unexpected news or a significant weakening of the JPY, which could see it slice through without much pause. I'm certainly not making any calls on a short, just observing the historical price action around that area.