Forex Analysis: Biding Time on the US Dollar
The SSI shows that traders remain aggressively long USD across the board, but a substantial shift in USDJPY sentiment has left me in favor of further gains. Yet reversal risk is growing, and I've trailed my stop on the USDJPY accordingly.
I'll watch for reversal risk across the board and update any thoughts on said positions via the forex real time news feed.
--- 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.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.