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The surprise market of the majors so far this year continues to be Japan. Let’s notice that the iShares Japan Index Fund ETF (NYSE: EWJ) has extended last week’s strong upmove and in fact has climbed above the prior high at 10.16 from December 4, which is a very positive technical sign and should represent the beginning of the acceleration period into a new upleg that projects above the Sept 2009 high at 10.38 towards my next optimal target zone of 10.80-11.20. At this juncture only a decline that violates 9.92 will begin to neutralize my current constructive outlook.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
