🇯🇵 Japan ETF $EWJ Eyeing a Major Breakout! Is a Rally Imminent?
$EWJ / USDT - LONG
📊 The Trade Plan
Entry Zone: $82.40 - $82.55
Take Profit 1: $82.67 (Immediate Resistance)
Take Profit 2: $83.10
Take Profit 3: $83.50+ (Multi-month High)
Stop Loss: $81.90 (Below the recent consolidation base)
🔍 Why This Setup?
Bullish Accumulation: Looking at the 4h chart, EWJ is forming a classic "ascending triangle" pattern. The price is repeatedly testing the $82.67 resistance level, and each dip is being bought up higher than the last ($81.14 → $81.74 → $82.07).
MACD Compression: The MACD is currently hovering near the zero line with a very slight bearish bias (-0.02). However, the histogram is shrinking, suggesting that the selling pressure is exhausted and a green crossover could trigger the breakout.
ETF Momentum: As the iShares MSCI Japan ETF, this move reflects broader strength in the Japanese market. We are seeing strong volume support at the $82.40 level.
💬 The Debate
EWJ is knocking on the door of $82.70 for the third time today. Do you think we break through tonight, or does the Japanese market need more consolidation before the next big move?
Trade Here On 👇..
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