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Japanese Yen Outlook May Shift versus US Dollar

Japanese Yen Outlook May Shift versus US Dollar

David Rodriguez, Head of Product
ssi_usd-jpy_body_Picture_4.png, Japanese Yen Outlook May Shift versus US Dollar

USDJPYForex trading crowds remain aggressively long the US Dollar (ticker: USDOLLAR) against the Japanese Yen, but a significant shift in sentiment moderates our forecasts for further USDJPY declines. Total retail long interest on the USDJPY is now at its lowest since the pair traded near ¥81 in late April.

Our technical forecast for the Japanese Yen points to a test of important congestion support at ¥79, and the pair’s subsequent moves will depend on whether the pair can hold key levels. Forex correlations nonetheless emphasize that the US Dollar/Japanese Yen’s direction will almost certainly depend on moves in US Treasury Yields.

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

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

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