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Dollar at Critical Price Levels versus Japanese Yen

By , Quantitative Strategist
10 April 2014 14:35 GMT
ssi_usd-jpy_body_Picture_16.png, Dollar at Critical Price Levels versus Japanese Yen

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USDJPYA breakdown in the US Dollar versus the Japanese Yen has been met with aggressive retail crowd buying. A contrarian view of crowd sentiment favors continued weakness.

Trade Implications – JPY Pairs: We see that the USD/JPY exchange rate is “flirting with danger” as it nears critical support, and three of our sentiment-based trading signals have now gone short on the sharp shift in retail positioning. Only a rally above ¥103.35 would negate our bearish USD trading bias versus the Yen.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_usd-jpy_body_Picture_8.png, Dollar at Critical Price Levels versus Japanese Yen

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10 April 2014 14:35 GMT