EWJ Japan ETF Daily Chart M Top

EWJ Japan daily chart shows the M top in place, very ominous indeed. The negative divergence spank down in February was already bringing the EWJ south and the disaster accelerated the move. Of interest is the strong S/R at 10.2 which is also the 200 day MA. There is nothing attractive with this chart. Above and below 10.2 will dictate its behavior, bullish or bearish, respectively.

Perhaps if the nuclear disaster is resolved, the gaps above may get filled between 10.8 and 11.2, but this area would provide a shorting opportuinity. EWJ is a chart best played on the short side moving forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.