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Euro May Trade to Fresh Highs versus Yen

Euro May Trade to Fresh Highs versus Yen

David Rodriguez, Head of Product
Euro May Trade to Fresh Highs versus Yen

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EURJPYTrading crowds remain long the Euro versus the Japanese Yen, but a noteworthy change in sentiment suggests the EURJPY set an important low and may trade higher.

Trade Implications – EURJPY: Last week we wrote that extremely one-sided sentiment warned of a EURJPY reversal, and indeed the pair turned higher and positioning has since moderated. The fact that crowds are still long suggests that the overall trend favors losses. Yet a continued pullback in crowd positioning leaves us in favor of further Euro gains.

See next currency section:EURUSD - Euro Looks Likely to Test Monthly Peaks

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Euro May Trade to Fresh Highs versus Yen

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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