FOREX ANALYSIS: USDJPY Poised for Further Gains
USDJPY – Forex trading crowds remain net-long the US Dollar (ticker: USDOLLAR) versus the Japanese Yen, but we’ve seen a steady decline in long interest and maintain that the USDJPY set a significant bottom through September.
Indeed, the number of retail traders long has fallen 11 percent since last week and is down an impressive 70 percent since September peaks. We remain bullish USDJPY until further notice, and technical resistance is seen at reaction highs of ¥83.65 and year-to-date peaks near ¥84.15.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.