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Further Near-term Gains in Questions for EUR/JPY

Further Near-term Gains in Questions for EUR/JPY

2014-01-16 17:25:00
Christopher Vecchio, CFA, Senior Strategist
Share:
ssi_eurjpy_body_x0000_i1031.png, Further Near-term Gains in Questions for EUR/JPY

EURJPYThe EURJPY has pulled back from recent highs, and the retail trading crowd isn’t exhibiting the type of behavior that would give confidence in a move higher.

Trade Implications – The EURJPY remains above the psychologically significant round ¥140.00 figure, but that may soon be broken as the market loses confidence in Japanese monetary policy. Indeed, retail traders may be suggesting a similar line of thought, too: positioning has moderated substantially over the past few weeks, and there’s no inclination that the retail crowd is ready to call a top just yet with open shorts significantly lower than the levels seen in November. A further erosion in price alongside a flip in sentiment would be the ideal scenario for a top to be called.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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