For investors seeking momentum, Franklin FTSE Japan ETF (FLJP Quick QuoteFLJP - Free Report) is probably a suitable pick. The fund just hit a 52-week high, up roughly 23.1% from its 52-week low of $21.71/share.

But does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

FLJP in Focus

The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Japan Capped Index.  FLJP is charging 9 bps in fees. The fund has amassed $222.6 million in AUM.

Why the Move?

Japan’s better-than-expected economic growth numbers have provided a sigh of relief to investors amid global economic slowdown and ongoing trade gyrations. Japan’s economy grew at an annualized 1.8% in the third quarter of 2019 comparing favorably with the preliminary numbers of 0.2% annualized growth. Also, it is worth noting that Japan’s cabinet recently passed a $122-billion fiscal package  to support slowing growth.

More Gains Ahead?

Currently, FLJP has a Zacks Rank #3 (Hold). However, it seems FLJP might remain strong given a positive weighted alpha of 16.16.

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