Japanese Yen Could Accelerate Higher
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Trade Implications – JPY Pairs: The trading crowd is now its most long USDJPY since the pair traded near ¥99 through early November, and our contrarian Momentum2 trading strategy has sold from ¥102.24.
Our Senior Strategist points out that the USD trades just above the critical ¥102.00 mark, and a move below could initiate the next leg of important USDJPY weakness.
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.