Japanese Yen May have Topped versus US Dollar
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
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