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FOREX ANALYSIS: Japanese Yen Bounce Clouds Outlook

By , Quantitative Strategist
29 November 2012 15:35 GMT
ssi_aud-usd_body_Picture_4.png, FOREX ANALYSIS: Japanese Yen Bounce Clouds Outlook

USDJPY – Forex trading crowds have bought into a recent US Dollar (ticker: USDOLLAR) pullback against the Japanese Yen, and the modest shift in sentiment clouds our previous forecasts for USDJPY strength.

We maintain that the USDJPY set a significant bottom through September, but the build in crowd buying crowds warns against the potential for a larger short-term pullback. We remain bullish as long as the USDJPY remains above key congestion levels between ¥81.10-¥81.60.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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29 November 2012 15:35 GMT