Japanese Yen at a Potentially Significant Turning Point
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Trade Implications – JPY Pairs: Retail FX traders recently turned net-long the Euro against the Japanese Yen for the first time since November, and a purely contrarian view of crowd sentiment favors further EURJPY weakness. Yet we need to see the USDJPY gain traction below major support near ¥103.35 to confirm that further JPY strength is likely.
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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