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  • 🇺🇸 ISM Non-Manufacturing PMI (FEB) Actual: 55.3 Expected: 58.7 Previous: 58.7 https://www.dailyfx.com/economic-calendar#2021-03-03
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.99%, while traders in Germany 30 are at opposite extremes with 72.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lh4WxFECzU
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  • Last week's gold report...' $1,743/oz. may prove temporary support ahead of $1,700/oz big figure support and ahead of the 61.8% Fibonacci retracement at $1,689.7/oz.' #gold https://www.dailyfx.com/forex/market_alert/2021/02/26/Gold-Price-XAUUSD-Outlook-Treading-on-Thin-Ice-as-US-Treasury-Yields-Heat-Up.html
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  • Heads Up:🇺🇸 ISM Non-Manufacturing PMI (FEB) due at 15:00 GMT (15min) Expected: 58.7 Previous: 58.7 https://www.dailyfx.com/economic-calendar#2021-03-03
Forex Analysis: Japanese Yen Forecast to Fall Further

Forex Analysis: Japanese Yen Forecast to Fall Further

David Rodriguez, Head of Product
ssi_usd-jpy_body_Picture_9.png, Forex Analysis: Japanese Yen Forecast to Fall Further

USDJPY – Choppy moves in the US Dollar/Japanese have produced similarly indecisive moves in forex trading crowd sentiment, and our sentiment-based trading bias is somewhat unclear given sideways moves. Retail traders are effectively flat as our Speculative Sentiment Index shows there are 1.04 traders short for every one that is long.

Trade Implications – USDJPY: Our retail sentiment-based trading strategies are currently short USDJPY as crowds initially bought into recent weakness. This author likewise bought the JPY on the risk of short-term correction, but a daily close above ¥90 would suggest that the recent correction was just that—a minor pullback amidst a much stronger uptrend.

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

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