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Forex Analysis: May Close USDJPY Long

Forex Analysis: May Close USDJPY Long

2012-11-08 20:15:00
David Rodriguez, Head of Product
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I remain long the US Dollar (ticker: USDOLLAR) Against the Japanese Yen with an average price of ¥79.02, but I may soon be stopped out if the pair breaks below key support at ¥79.30.

My weekly report on forex trader positioning nonetheless warns that the USDJPY could continue lower as crowds buy the recent dip. Congestion support at ¥79.30 remains pivotal, and I'll close half of the position if we drop below.

Crowd sentiment otherwise suggests that the Euro set a significant top versus the US Dollar, and indeed I'd like to sell any short-term EURUSD bounces. Previous congestion at $1.2820 may be an attractive area at which to sell. If we reach that, important price congestion at $1.2880 would be a good area at which to place a stop loss order.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

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.

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