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US Dollar Likely Bottomed versus Euro, Japanese Yen

US Dollar Likely Bottomed versus Euro, Japanese Yen

David Rodriguez, Head of Product
ssi_table_story_body_Picture_8.png, US Dollar Likely Bottomed versus Euro, Japanese Yen ssi_table_story_body_Picture_7.png, US Dollar Likely Bottomed versus Euro, Japanese Yen

Retail FX trading crowds continue selling into recent US Dollar (ticker: USDOLLAR) rallies against the Euro and Japanese Yen, and the shift warns that we may see further EURUSD declines and a substantive USDJPY turnaround.

Anticipating major tops and bottoms during strong currency trends is extremely difficult, but an especially large swing in retail USDJPY positioning warns that the pair may have bottomed at ¥77.90. A broader US Dollar-bullish bias adds weight to our Japanese Yen forecasts, while we likewise see scope for the Euro to fall further as crowds buy into its recent losses.

Past performance is not indicative of future results, but our retail forex sentiment-based trading strategies have historically caught important turns in US Dollar pairs. We look to the SSI to confirm whether or not this is indeed the start of a larger US Dollar turnaround against key FX counterparts.

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

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

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