Positive Technicals for Japan ETF

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.