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Japanese Yen May have Topped versus US Dollar

Japanese Yen May have Topped versus US Dollar

2012-09-20 14:48:00
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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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