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We return to the chart of iShares MSCI Japan ($EWJ) tonight, because we are placing $EWJ on our watchlist as an official buy setup (trade details can be found above). After breaking the downtrend line of the consolidation, the price action is now sitting on top of all the major averages, just below resistance of the July mid-point at $12.20. The moving averages are finally in order, with the 20-day EMA (in beige) now trending higher for the past few weeks and above the 50-day MA (blue). The 50-day MA is also sloping slightly higher, and the 200-day MA (orange) remains in a clear uptrend.

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