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  • This is a pair flying under the radar but registering an extreme. $CADJPY weekly has difference between spot and 50-week moving average at +9.5%. Momentum past three weeks not only aggressive, the move has pushed it to 50% of 2014-2020 and 38.2% Fib of historical range https://t.co/yQJ15UpOTG
  • 🇺🇸 Initial Jobless Claims (08/MAY) Actual: 473K Expected: 490K Previous: 566K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 Jobless Claims 4-week Average (MAY/08) Actual: 534K Previous: 655.75K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 Continuing Jobless Claims (01/MAY) Actual: 3655K Expected: 3655K Previous: 3651K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 PPI MoM (APR) Actual: 0.6% Expected: 0.3% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-05-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.48%, while traders in GBP/JPY are at opposite extremes with 68.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ebZHqitIAd
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.08% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.12% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/i6Lngot973
  • Heads Up:🇺🇸 Initial Jobless Claims (08/MAY) due at 12:30 GMT (15min) Expected: 490K Previous: 498K https://www.dailyfx.com/economic-calendar#2021-05-13
  • Heads Up:🇺🇸 Jobless Claims 4-week Average (MAY/08) due at 12:30 GMT (15min) Previous: 560K https://www.dailyfx.com/economic-calendar#2021-05-13
  • Heads Up:🇺🇸 Continuing Jobless Claims (01/MAY) due at 12:30 GMT (15min) Expected: 3655K Previous: 3690K https://www.dailyfx.com/economic-calendar#2021-05-13
Japanese Yen Outlook Remains Bullish

Japanese Yen Outlook Remains Bullish

David Rodriguez, Head of Product
ssi_usdjpy_body_Picture_3.png, Japanese Yen Outlook Remains Bullish

Retail FX trading crowds are now nearly their most aggressively net-long the US Dollar (ticker: USDOLLAR) against the Japanese Yen since the USDJPY traded near record-lows in February. The sharp jump in crowd buying underlines the fact that most believe the Japanese Yen is unlikely to challenge fresh highs (USDJPY lows). The Japanese Yen nonetheless stands to strengthen as the Bank of Japan withholds further monetary policy stimulus and markets turn risk-averse.

The retail trading crowd is often ‘right’ at the turns; the SSI showed traders were their most net-long USDJPY on record as the pair bottomed in February. Yet current extremes could just as easily be a precursor for continued declines, and we remain bearish the US Dollar against the Japanese Yen on such one-sided sentiment.

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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