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Forex Analysis: Retail Traders Buy USD, JPY - We Favor Declines

Forex Analysis: Retail Traders Buy USD, JPY - We Favor Declines

David Rodriguez, Head of Product

Retail forex trading crowds continue to sell the US Dollar (ticker: USDOLLAR) and Japanese Yen against major counterparts. We forecast further USD and JPY declines.

View individual currency sections:

EURUSD - Euro Forecast Remains Bullish

GBPUSD - British Pound Targets Key Resistance

USDJPY - Japanese Yen Declines in Store

USDCHF - Swiss Franc Outlook Bullish

USDCAD - Canadian Dollar Trading Bias Moderates

GBPJPY - British Pound Forecast to Strengthen versus Yen

ssi_table_story_1_body_Picture_7.png, Forex Analysis: Retail Traders Buy USD, JPY - We Favor Declines

Indeed, we believe that forex market conditions continue to favor selling US Dollar and Japanese Yen strength.

There was a modest pullback in USD-long interest since last week, but as long as the majority of retail traders remain long US Dollars versus the Euro and other counterparts we remain in favor of USD weakness.

ssi_table_story_1_body_Chart_1.png, Forex Analysis: Retail Traders Buy USD, JPY - We Favor Declinesssi_table_story_1_body_Chart_2.png, Forex Analysis: Retail Traders Buy USD, JPY - We Favor Declines

--- 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.

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