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All Eyes on Fed as US Dollar Near Major Support versus Japanese Yen

All Eyes on Fed as US Dollar Near Major Support versus Japanese Yen

David Rodriguez, Head of Product

Video Summary:

- US Dollar trades at critical support versus the Japanese Yen

- Heavily one-sided retail FX trader sentiment underlines downside USDJPY risk

- Upcoming Fed rate decision critical as pair extremely correlated to US yields

Follow any updates on the US Dollar and other currencies via this author’s e-mail distribution list.

US Dollar Continues to Trade Near Key Lows Versus Japanese Yen

forex-Japanese-Yen-trading-forecast-versus-US-Dollar_body_Picture_5.png, All Eyes on Fed as US Dollar Near Major Support versus Japanese Yen

Source: FXCM Trading Station Desktop, Prepared by David Rodriguez

Retail FX Sentiment Shows Traders are Heavily Long USD versus the Yen

forex-Japanese-Yen-trading-forecast-versus-US-Dollar_body_Picture_6.png, All Eyes on Fed as US Dollar Near Major Support versus Japanese Yen

Source: FXCM Execution Desk Data, Chart Prepared by David Rodriguez

Strong link between USDJPY and US Treasury Yields Leaves Focus on FOMC Meeting

forex-Japanese-Yen-trading-forecast-versus-US-Dollar_body_Picture_7.png, All Eyes on Fed as US Dollar Near Major Support versus Japanese Yen

Data source: Bloomberg, Prepared by David Rodriguez

Forex Correlations Summary

View forex correlations to the S&P 500, S&P Volatility Index (VIX), Crude Oil Futures prices, US Treasury Yields, and Spot Gold prices.

forex-Japanese-Yen-trading-forecast-versus-US-Dollar_body_Picture_8.png, All Eyes on Fed as US Dollar Near Major Support versus Japanese Yen

Data source: Bloomberg. Chart source: R SEE GUIDE ON READING THE ABOVE CHART

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com David specializes in automated trading strategies. Find out more about our automated sentiment-based strategies on DailyFX PLUS.

Contact and follow David via Twitter: https://twitter.com/DRodriguezFX

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

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