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Japanese Yen at Potentially Substantial Turning Point

Japanese Yen at Potentially Substantial Turning Point

David Rodriguez, Head of Product
ssi_gbp-jpy_body_Picture_16.png, Japanese Yen at Potentially Substantial Turning Point

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Japanese YenRetail forex crowds have bought aggressively into Japanese Yen weakness (USDJPY, GBPJPY strength), and a contrarian view of crowd sentiment favors further losses.

Trade Implications – JPY Pairs:Crowds are now their most short GBPJPY since the pair traded just short of ¥160 at the end of September, while the USDJPY has made an early attempt at breaking above key resistance at ¥99. The initial USDJPY failure warns that the Japanese Yen may bounce off of recent lows, but aggressively one-sided retail positions leaves us bearish JPY (bullish GBPJPY, USDJPY) until we see a bigger pullback in sentiment.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_gbp-jpy_body_Picture_10.png, Japanese Yen at Potentially Substantial Turning Point

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

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