My work is telling me to expect higher prices in the EWJ, especially if the price structure hurdles and sustains above 13.75, which should trigger upside acceleration into the 14.10/20, and then to 14.50/60 thereafter.  At this juncture, only a decline that breaks 13.20 will begin to seriously compromise the developing near-term bullish pattern.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.