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Forex Analysis: Biding Time on the US Dollar

Forex Analysis: Biding Time on the US Dollar

David Rodriguez, Head of Product

I remain long USDJPY as I believe the Japanese Yen will likely continue lower, but it's difficult to ignore key risk of pullbacks given potential forex sentiment extremes.

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.

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

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

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

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