Dollar Has Broken ¥100 - Why are Further Gains Likely?
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Japanese Yen – Retail 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.
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.