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Dollar Has Broken ¥100 - Why are Further Gains Likely?

Dollar Has Broken ¥100 - Why are Further Gains Likely?

David Rodriguez, Head of Product
ssi_usd-jpy_body_Picture_17.png, Dollar Has Broken ¥100 - Why are Further Gains Likely?

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Japanese YenRetail forex trading crowds are now net-short the US Dollar versus the Japanese Yen for the first time since the USDJPY traded above ¥103. A contrarian view of crowd sentiment leaves us in favor of further gains.

Trade Implications – JPY Pairs: A substantial shift towards crowd selling suggests the USDJPY rally is the ‘real deal’, and continuation above ¥100 seems likely.

Indeed, our purely sentiment-based Momentum2 trading strategy is now long USDJPY from 99.06, and our technical forecast favors getting long above major trendline resistance.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_usd-jpy_body_Picture_8.png, Dollar Has Broken ¥100 - Why are Further Gains Likely?

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

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