Japanese Yen at Potentially Substantial Turning Point
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.