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US Dollar Forecast to Test Key Support vs. Yen

US Dollar Forecast to Test Key Support vs. Yen

David Rodriguez, Head of Product
ssi_usd-jpy_body_Picture_4.png, US Dollar Forecast to Test Key Support vs. Yen

USDJPY – Trading crowds remain heavily net-long the US Dollar (ticker: USDOLLAR) against the Japanese Yen as the USDJPY falls noticeably off of significant highs. Indeed, crowds continue to add to said long positions, and we have little choice but to take this as a contrarian signal that the USDJPY may hit fresh lows.

How low could we go? We called for a major USDJPY bottom and long-term uptrend in February and continue to believe that the pair is quite unlikely to hit fresh record lows. Yet the US Dollar would need to remain above critical congestion support near ¥78 to keep our longer-term bullish bias intact. Shorter-term support rests at congestion of ¥80, while a hold of nearby resistance of ¥81.80 leaves our downside forecast valid.

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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