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Staying Long the US Dollar vs Yen, Aussie

Staying Long the US Dollar vs Yen, Aussie

David Rodriguez, Head of Product

Record positions in the USDJPY suggest that a bottom is near, and indeed I feel confident my long position will ultimately work in my favor.

The USDJPY position remains in force as long as the pair trades above ¥76. Profit targets start at ¥80 on the USDJPY.

I survived a drawdown in USD long in both the JPY and AUD, as yesterday I went long the US Dollar against the Aussie, (short AUDUSD from $1.0415). Our "Tidal Shift" system showed crowds have bought aggressively into AUDUSD weakness.

My stop on said position is above $1.0520 and I will look to take profits closer to the $1.0170 mark. Key support is seen at recent lows of $1.0370, and a break below would give me further confidence in the short position.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com;

Contact David via

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Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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