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Its been a long time since the Nikkei 225 index broke above this resistance line, make that a couple of decades (20 Years)! Time and time again the Nikkei has created lower highs, failing to get above this falling resistance line until recently.
One challenge to playing this buy out is….the Japan ETF (EWJ) isn’t moving to the upside of late. The lower left inset box reflects that the Index is up over 12% in the past 90-days, yet EWJ is up only 2%, reflecting a ton of relative weakness!