Euro Gains Favored as it Holds Key Lows versus Yen
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Trade Implications – EURJPY: We recently noted that heavily one-sided positions in the USDJPY accurately called a bounce off of key support, and now we make similar claims for the EURJPY. Given the extremely low-volatility FX environment, the combination of multi-year position extremes and a hold of key year-to-date lows leaves our short-term focus higher in the Euro. ¥136.20 remains the critical level to watch.
See next currency section:EURUSD - Key Factors Suggest Euro at Major Turning Point
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.