Don't look now, but Japanese stocks are marching higher and appear to be heading toward a technical bull market just weeks after falling into a technical bear market.

After plunging over 20% from their May 22 closing peak to their June 13 closing low, the Nikkei Stock Average has now reclaimed 15% of the lost ground, and is looking increasingly resilient to selloffs in other Asian stock markets.

Another 6.6% rise would, by definition, put the index quickly into another bull market.

Analysts note that the recovery has been aided by a stronger U.S. dollar, greater faith in the U.S. economic revival, and an increasing belief in the reflationary economic theme that the Japanese government is trying to hammer home.

A persistently stronger U.S. dollar has been the most consistent element of the rebound. Above-view U.S. jobs data released on Friday was the latest catalyst, pushing the dollar through the ¥101 mark--a very positive sign for exporters who repatriate profits from dollars into yen.