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USDJPY – Retail traders have bought aggressively into US Dollar (ticker: USDOLLAR) weakness against the Japanese Yen, and our retail-based Speculative Sentiment Index data shows there are currently over 12 traders long USDJPY for every one that is short.

USDJPY – Retail traders have bought aggressively into US Dollar (ticker: USDOLLAR) weakness against the Japanese Yen, and our retail-based Speculative Sentiment Index data shows there are currently over 12 traders long USDJPY for every one that is short.

David Rodriguez, Head of Product

We recently wrote that the USD likely set a significant bottom versus the JPY, but the pair broke below our price floor at ¥78 and it’s difficult to advocate getting long USDJPY amidst such clear downward momentum.

The USDJPY will almost certainly see substantial volatility on a critical US Federal Open Market Committee interest rate announcement due this afternoon. We will likely update our forecasts for the pair on any surprises, but in the meantime we can’t advocate joining the crowd in getting long at these price levels.

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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