Dollar Forecast to Test Fresh Multi-Year Highs versus Yen
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USDJPY –A material turn in retail forex trader sentiment suggests that the US Dollar may continue to fresh multi-year peaks versus the Yen, and our sentiment-based trading strategies are selling aggressively into JPY weakness.
Trade Implications – JPY Pairs: Crowds are now net-short the Dollar against the Japanese Yen for the first time since it traded near multi-year peaks in early January, and the important turn favors strength. A USDJPY close above ¥103.90 would further confirm that the pair is indeed headed for year-to-date highs.
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.