Investors seeking momentum may have CurrencyShares Japanese Yen Trust FXY on their radar now. The fund recently hit a new 52-week high. Shares of FXY are up approximately 8.2% from their 52-week low of $83.54/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

FXY in Focus

FXY focuses on providing exposure to the Japanese yen relative to the U.S. dollar. It is suitable for investors seeking to hedge exchange rate exposure or bet against the greenback. The fund charges 40 basis points in fee per year and has AUM of $142.8 million (see all Currency ETFs here).

Why the move?

The U.S. dollar recently hit a 15-month low against the Japanese yen. The recent global market selloff increased the appeal of yen, as it is generally considered a safe haven asset. Moreover, the yen rallied further as the finance minister said that recent gains were not enough to warrant government intervention. “From our perspective, the current situation doesn’t warrant special intervention. It isn’t rising or falling abruptly,” finance minister Taro Aso said.

More Gains Ahead?

FXY has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. So, it is hard to get a handle on its returns one way or the other. However, it has a weighted alpha of 7.60. Although it doesn’t seem that appealing, recent weakness in the greenback might prompt yen ETFs to gain further. So, there is a promising outlook ahead for those who want to ride this surging ETF a little further.