Nasdaq Dorsey Wright

Tuesday’s (6/3) action brought the First Trust Japan AlphaDEX Fund (FJP) above the $60 level on its default chart to mark a 52-week high and place the fund within range of its all-time chart high from January 2018 at $63.

Last week the report discussed broad international developed market funds moving to highs. This week will narrow that focus onto a specific country fund, the First Trust Japan AlphaDEX Fund (FJP). Tuesday’s (6/3) action brought FJP above the $60 level on its default chart to mark a 52-week high and places the fund within range of its all-time chart high from January 2018 at $63. This action follows the fund returning to a buy signal and flipping the trend back to positive by breaking a double top at $58.

From a relative standpoint, FJP has maintained positive long-term market relative strength since September 2023 and near-term RS since March of this year. FJP maintains a strong fund score of 5.46, which is its highest since late 2018 and well above the average score for funds within the Non-US Equity (4.21) and Japan (4.53) groups.

It is okay to consider FJP here on the breakout or on a pullback to $57 on the default chart. With the bullish support line and recent lows residing at $44 prior resistance in the mid $50s may act as near-term support. Additional support may be found on the 0.50 point per box chart at $50.

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