For investors seeking momentum, CurrencyShares Japanese Yen Trust (FXY Quick QuoteFXY - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 17.8% from its 52-week low price of $77.54/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 on where it might be headed.

FXY in Focus    

FXY is a great way to play a rise in the yen relative to the U.S. dollar. The fund charges 40 bps in fees (see: all the Currency ETFs here).

Why the Move?

The Japanese currency ETF has been an area to watch lately as investors are flocking to safe havens amid heightened uncertainty. This is especially true as the global investing world, especially the risky assets, went into a tailspin lately as opinion polls showed higher chances of Britain leaving the European Union on June 23. Since yen is often considered a classic safe haven asset, the fund has been a winner in recent times.

More Gains Ahead?

Currently, FXY has a Zacks ETF Rank #3 (Hold) so it is hard to oversee its future returns one way or another. However, the fundhas a positive weighted alpha of 17.20. A positive weighted alpha hints at more gains.

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