For investors seeking momentum, WisdomTree Japan Hedged Equity ETF (DXJ Quick QuoteDXJ - Free Report) is probably on radar. The fund just hit a 52-week high and is up 17.5% from its 52-week low price of $57.14/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

DXJ in Focus

The underlying WisdomTree Japan Hedged Equity Index is designed to provide exposure to Japanese equity markets while at the same time neutralizing exposure to fluctuations of the Japanese Yen movements relative to the U.S. dollar. The product charges 48 bps in annual fees.

Why the Move?

Japan's Nikkei index hit a two-month high lately, led by growth stocks. Signs of slowing inflation in the United States sparked speculation the Fed might become less aggressive with rate hikes.

More Gains Ahead?

Currently, DXJ might remain strong given a positive weighted alpha of 7.45. As a result, there is definitely still some promise for risk-aggressive investors, who want to ride on this surging ETF.