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Forex Analysis: Japanese Yen Bounce Clouds Outlook

Forex Analysis: Japanese Yen Bounce Clouds Outlook

David Rodriguez, Head of Product
Forex_Analysis_Japanese_Yen_Bounce_Clouds_Outlook_Revised_body_SSIJPY.jpg, Forex Analysis: Japanese Yen Bounce Clouds Outlook

USDJPY – Forex trading crowds have bought into a recent US Dollar (ticker: USDOLLAR) pullback against the Japanese Yen, and the modest shift in sentiment clouds our previous forecasts for USDJPY strength.

We maintain that the USDJPY set a significant bottom through September, but the build in crowd buying crowds warns against the potential for a larger short-term pullback. We remain bullish as long as the USDJPY remains above key congestion levels between ¥81.10-¥81.60.

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