Japan - EWJ - Acting Well

The Japanese equity market continues to act well (so does the Yen)... Let's review the EWJ... As we speak the EWJ is attempting to sustain its up-gap opening ABOVE a 9-week resistance line (13.90), which if successful should trigger a test of the prior rally peak at 14.01 (2/27) in what increasingly looks like the upside breakout from an intermediate-term rest-consolidation pattern. On Wednesday we first identified the likely completion of the high-level consolidation, and the likelihood of a thrust towards 15.

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