All Eyes on Fed as US Dollar Near Major Support versus 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
US Dollar Continues to Trade Near Key Lows Versus Japanese Yen
Source: FXCM Trading Station Desktop, Prepared by David Rodriguez
Retail FX Sentiment Shows Traders are Heavily Long USD versus the Yen
Source: FXCM Execution Desk Data, Chart Prepared by David Rodriguez
Data source: Bloomberg, Prepared by David Rodriguez
Forex Correlations Summary
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.