Near Term Trend: Bullish
Fridays Close: $54.07 (- 0.15%)
UPDATE: Last week, I suggested remaining short of Japanese stocks as long as EWJ remained below $54.68 on a monthly basis with a $50.64 target.
Japanese stocks tumbled last week due to the obvious nearby geopolitical happenings. Looking at the monthly chart, it looks like EWJ can continue downward for a while. ST target is 50.64, but Fibo target looks like 48.86.
Get short of Japanese stocks at 54.68. Honor stop on monthly close. Target $48.86.