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EURJPY – A substantial swing in Japanese Yen trading sentiment warns that that the currency may have bottomed (USDJPY, EURJPY topped), but the next Yen move is critical as it nears major resistance.
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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