Wednesday, May 14, 2014

Japanese ETF Breaks Through Resistance

Since the beginning of February, the Japanese ETF has been trading in a downward sloping triangle pattern as traders have begun to slightly discount the long term effects of "Abenomics."  However, yesterday prices broke through upside resistance, indicating there may be a change in trader's perceptions of the Japanese economic situation.  Also note the increased CMF and rising MACD accompanying the move. 

On the downside, prices are still below the 200 day EMA as are the shorter EMAs.