Trade FOREX with FXCM
GBP/USD at Risk for Larger Pullback as U.K. Retail Sales Falter
USD/INR: Indian Rupee Selling Accelerates Ahead of Major Event Risks
USD/JPY Risks Further Losses as Japan Inflation Approaches BoJ Target
SSI: Retail Positioning Dictates Potential for British Pound Breakout
Price & Time: Gold Cracks Big Support
Gold Sinks to Monthly Bottom, Crude Oil Hits Lowest Level in Two Weeks
Learn Forex: Finding Trends in Trendless Markets (Part 1)
Why Traders Lose Money
Overbought vs. Oversold and What This Means for Traders
SSI: Retail Crowd Increases NZD/USD Bearish Bets After RBNZ
SSI: Frustrated US Dollar Longs Trim Positions amid Minor Rebound
SSI: Low Volatility Lulls Traders into Complacency in EUR/USD, GBP/USD
The SSI is reported Every Thursday at DailyFX.com and twice every trading day inside DailyFX PLUS.
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
USDJPY –Aggressive crowd buying serves as steady contrarian signal that the US Dollar may continue onto fresh lows versus the Japanese Yen.
Trade Implications – JPY Pairs: Recent USDJPY gains admittedly caught us by surprise, but it’s worth noting that the price reversal has not produced a comparable shift in retail FX positions. Indeed, crowd sentiment alongside two other key factors warn against chasing the US Dollar higher here versus the Yen.
Our technical trading bias remains in favor of USDJPY weakness until we see the exchange rate close above important congestion near ¥103.
See next currency section:EURJPY - Euro Forecast Bullish versus the Japanese Yen
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Please note the information on this website is intended for retail customers only, and not for any Eligible Contract Participants (i.e., institutional clients) as defined in the Commodity Exchange Act §1(a)(12).