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US Dollar Sets Bottom Against Japanese Yen

US Dollar Sets Bottom Against Japanese Yen

David Rodriguez, Head of Product
ssi_usd-jpy_body_Picture_14.png, US Dollar Sets Bottom Against Japanese Yen

USDJPY – Why is the US Dollar so strong against the Japanese Yen? A massive surge in US Treasury Yields has produced in-kind moves in the correlated USDJPY. And in fact recent USDJPY strength has produced a similarly substantial shift in forex market sentiment.

FX trading crowds had remained net-long the US Dollar against the Japanese Yen for nearly 2 years as it crossed below ¥90. Such one-sided sentiment gave us ample reason to stay bearish the USDJPY.

Yet as of several weeks ago we warned that, “we believe that the US Dollar/Japanese Yen pair has set an important bottom and looks to trade higher through the foreseeable future.” As of yesterday crowds turned net-short USDJPY for the first time in nearly 2 years. And though markets never move in a straight line, we favor buying short-term USDJPY weakness in expectation of further strength.

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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