Japan Ripe for Advance

Japan Ripe for Advance
By Mike Paulenoff, www.MPTrader.com

A 13% appreciation of the Yen (vs US$) since June, a relief rally in oil (down) approaching quickly, and a bullish intermediate-term price pattern indicate strongly to me that "Japan Inc" and the Japan iShares ETF (AMEX: EWJ) are ripe for the emergence of a powerful advance. The enclosed daily chart of the EWJ shows the upside pivot off of last week's low at 13.18, which my work indicates inaugurated a new upleg that should propel the EWJ to the top of the 18-month pattern above 14.70. Only a plunge that takes out 13.18 wrecks my current outlook.

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