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Japanese Yen Outlook Unclear as Technical Patterns Warn of Reversal

Japanese Yen Outlook Unclear as Technical Patterns Warn of Reversal

2012-06-21 11:18:00
David Rodriguez, Head of Product
Share:
ssi_usd-jpy_body_Picture_10.png, Japanese Yen Outlook Unclear as Technical Patterns Warn of Reversal

Retail forex speculators remain heavily net-long the US Dollar (ticker: USDOLLAR) against the Japanese Yen, underlining the strength of the broader USDJPY downtrend. Yet short positions on the USDJPY jumped by a noteworthy 17 percent since last week—watering down our contrarian bearish trading bias.

We would need to see a much larger shift in USDJPY positioning to call for a longer-term turn in trend. Yet the short-term US Dollar breakout leaves risks for further strength. Key resistance remains at ¥80.50 and the next USDJPY moves could prove pivotal.

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 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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