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Japanese Yen Forecast Calls for Further Strength to This Point

By , Quantitative Strategist
06 February 2014 15:45 GMT
ssi_usd-jpy_body_Picture_17.png, Japanese Yen Forecast Calls for Further Strength to This Point

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USDJPYRetail forex traders continue buying into US Dollar weakness against the Japanese Yen, and a contrarian view of crowd sentiment leaves us focused on further USDJPY declines.

Trade Implications – JPY Pairs: The trading crowd remains near its most long USDJPY since the pair traded near ¥99 through the middle of November. Our contrarian Momentum2 trading strategy has recently sold the pair from ¥103.71, 103.31, 102.24, and most recently 101.25.

Our Senior Technical Strategist nonetheless warns that the pair may soon set a low close to the 100.60 mark, but a USDJPY hold below 101.70 alongside clearly one-sided sentiment leaves our focus to the downside.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_usd-jpy_body_Picture_18.png, Japanese Yen Forecast Calls for Further Strength to This Point

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06 February 2014 15:45 GMT