Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
USDJPY –Retail FX traders continue buying into US Dollar weakness versus the Japanese Yen, and a contrarian view of crowd sentiment keeps us looking for fresh USDJPY lows.
Trade Implications – JPY Pairs: The Dollar/Yen exchange rate remains in a tight trading range. And yet clearly one-sided positions and an upcoming cyclical turn window in USDJPY suggest that a break lower is possible. Trading below ¥101.35 would confirm the breakdown and likely spark a larger USDJPY sell-off.
See next currency section:EURJPY - Euro Looks to Break Higher Against Yen
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
