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  • The US Dollar has put in a very strong push since the Thursday lows – and for traders looking to fade that move, the long side of GBP/USD may be attractive. Get your $GBP market update from @JStanleyFX here:https://t.co/17J9kCb8ff https://t.co/N1zNhEWLHh
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7IShY2t1tw
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  • $USDJPY is hitting fresh multi-month highs today as the pair continues to trade above the 106.50 level. The last time this pair traded at that level was in early August. $USD $JPY https://t.co/VP9GskwYOJ
  • $WTI Crude Oil is down over 4% off of today's highs, falling from an intraday high above 62.50 to currently trade right around 60.00, its lowest level since early last week. $USO $OIL https://t.co/XrE768A6sK
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  • Oil prices now at the lows of the day with Brent dipping below $65/bbl. - Eyes commodity linked FX, such as the Canadian Dollar, which trades near highs against JPY and USD
Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

David Rodriguez, Head of Product

- US Dollar breaks key resistance versus Japanese Yen, but not out of woods yet

- Strong forex correlations to US Treasuries and the Nikkei 225 warn of downside

- Retail FX Trader Sentiment Not yet Supportive of USDJPY Gains

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

US Dollar Making a Run above Key Resistance versus Japanese Yen

forex-is-USDJPY-break-worth-following---3-key-factors_body_Picture_5.png, Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

Source: FXCM Trading Station Desktop, Prepared by David Rodriguez.

USDJPY Correlation to US 10-Year Treasury Yield Trades Near Record-Strength

forex-is-USDJPY-break-worth-following---3-key-factors_body_Picture_6.png, Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

Data source: Bloomberg, Prepared by David Rodriguez

US 10-Year Treasury Yield Failing at Key Levels

forex-is-USDJPY-break-worth-following---3-key-factors_body_Picture_7.png, Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

Source: FXCM Trading Station Desktop, Data Source: Yahoo Finance, Prepared by David Rodriguez.

Japanese Nikkei 225 has not Broken Higher, Remains near Long-term Resistance

forex-is-USDJPY-break-worth-following---3-key-factors_body_Picture_8.png, Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

Source: FXCM Trading Station Desktop, Data Source: Yahoo Finance, Prepared by David Rodriguez.

Retail FX Trading Crowds Remain Long the USDJPY

forex-is-USDJPY-break-worth-following---3-key-factors_body_Picture_9.png, Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

Data source:FXCM Execution Desk data, Prepared by David Rodriguez

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

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-is-USDJPY-break-worth-following---3-key-factors_body_Picture_10.png, Can USDJPY Finally Trade Higher? 3 Critical Factors we’re Watching

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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