For investors seeking momentum, IShares MSCI Japan Value ETF (EWJV Quick QuoteEWJV - Free Report) is probably on radar. The fund just hit a 52-week high and is up 24.61% from its 52-week low price of $21.29/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:

EWJV in Focus

The iShares MSCI Japan Value ETF seeks to track the investment results of the MSCI Japan Value Index, which comprises of large and mid-capitalization Japanese equities with value characteristics and relatively lower valuations. The product charges 15 bps in annual fees.

Why the Move?

The Japanese broad investing world has been an area to watch lately, given the rally in the stocks as the economy is improving. Japan's services sector witnessed an extraordinary surge in April, fueled by increased consumer spending after the lifting of COVID-19 restrictions. Factors like a weaker yen, higher inbound tourism and a surge in overseas activity played a role in the economy's revival. Moreover, Japanese stocks offer value, at the current level.

More Gains Ahead?

Currently, EWJV has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance given a positive weighted alpha of 10.33.