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Japanese Yen Could Accelerate Higher

Japanese Yen Could Accelerate Higher

2014-01-30 16:00:00
David Rodriguez, Head of Product
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ssi_usd-jpy_body_Picture_12.png, Japanese Yen Could Accelerate Higher

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USDJPYAn aggressive shift in retail FX crowd sentiment warns that the Japanese Yen may continue to fresh highs (USDJPY, EURJPY to lows).

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

ssi_usd-jpy_body_Picture_13.png, Japanese Yen Could Accelerate Higher

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

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