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Japanese Yen Forecast to Fall Further

Japanese Yen Forecast to Fall Further

2012-10-18 15:39:00
David Rodriguez, Head of Product
Share:
ssi_usd-jpy_body_Picture_9.png, Japanese Yen Forecast to Fall Further

USDJPY – Retail forex traders remain aggressively net-long the US Dollar (ticker: USDOLLAR) versus the Japanese Yen, but the number of traders long per every one short is actually at its lowest levels in three months.

In fact, the number of retail traders short USDJPY surged 86 percent since last week and currently nears year-to-date highs.

We have argued that the USDJPY set a significant bottom through September, and indeed the continued shift in trader sentiment suggests that September lows will continue to hold. Our Senior Technical Strategist argues that USDJPY trading above ¥79.21 gives further reason to get bullish towards further highs.

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

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