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Japanese Yen May have Topped versus US Dollar

Japanese Yen May have Topped versus US Dollar

David Rodriguez, Head of Product

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ssi_usd-jpy_1_body_Picture_9.png, Japanese Yen May have Topped versus US Dollar

Retail traders are now their most aggressively net-long the US Dollar (ticker: USDOLLAR) against the Japanese yen since the USDJPY set record-lows in February.

Last month we wrote that the US Dollar likely set a significant bottom against the Yen on similar retail sentiment extremes, but price has since set a fresh low and we were reminded of the extreme difficulty in catching important turning points.

Yet we see reason for which fresh USDJPY-long positions remain attractive, and the fact that SSI positioning is now its most one-sided since the February lends further evidence to the fact we are near an important trough.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com;

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Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

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