Euro May Trade to Fresh Highs versus Yen
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.