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USDJPY –Retail FX traders remain long the US Dollar versus the Japanese Yen, and a contrarian view of crowd sentiment leaves us mostly in favor of selling into USD/JPY declines. The pair currently trades at key congestion levels almost squarely at the ¥120.50 mark. Failure here would shift focus towards a comparable price floor near ¥118.50, and it would take a meaningful shift in crowd sentiment to change our trading bias.
See next currency section: AUDUSD - Australian Dollar Outlook Remains Bearish until this Changes
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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