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Forex: Market Activity Set for Pickup on Heavy Event Risk Next Week
Euro Ready for a Short-term Breakout, Trend Revival When Liquidity Returns
AUD/USD Holds 0.9330 Support For Now- Waiting for Bearish RSI Trigger
US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00
USD/JPY Technical Analysis Working on Sixth Straight Gain
EUR/USD Technical Analysis Indecision Continues Near 1.38
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SSI: Quiet Session Invites a Modest Wave of Position Covering
SSI: Crowds Remain Heavily Long US Dollar
SSI: US Dollar Downfall Marked by Aggressively Long Retail Crowd
The SSI is reported Every Thursday at DailyFX.com and twice every trading day inside DailyFX PLUS.
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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
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