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US Dollar's Time to Shine Against All Except Japanese Yen

US Dollar's Time to Shine Against All Except Japanese Yen

2012-03-22 15:38:00
David Rodriguez, Head of Product
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ssi_table_story_body_Picture_5.png, US Dollar's Time to Shine Against All Except Japanese Yen

A major shift in Japanese Yen sentiment suggests it may claw back losses against the US Dollar (ticker: USDOLLAR), but an even-larger move in the US S&P 500 and broader financial markets suggest the USD may have bottomed versus the Euro and British Pound.

Last week we called for a potential EURUSD and GBPUSD top. And though we were clearly early in our calls on the Euro, the turn in the financial market tide could be what Dollar bulls have expected.

A critical point is whether the Dow Jones FXCM Dollar Index trades above critical 8-month highs. Else we believe that the Japanese Yen may have set an important short-term bottom, and our short-term USDJPY bearish remains firmly bearish absent a turn in market sentiment.

View an FXCM Expo presentation on the Speculative Sentiment Index for better understanding on how we use it in our trading.

ssi_table_story_body_Picture_6.png, US Dollar's Time to Shine Against All Except Japanese Yen

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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