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Joining the Crowd in Buying USDJPY

Joining the Crowd in Buying USDJPY

2014-05-09 15:05:00
David Rodriguez, Head of Product
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Joining the Crowd in Buying USDJPY

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USDJPYForex trading crowds are now their most long the US Dollar versus the Japanese yen since the greenback last set a low near ¥101.35. Extremely low volatility suggests the USDJPY may once again bounce.

Trade Implications – JPY Pairs: We normally go against the crowd—if everyone is long we prefer to be short. Yet with forex volatility near record-lows, we see relatively limited scope for a major USDJPY breakdown. This is a rare instance in which we may actually favor joining the crowd in going long the Dollar versus the Yen. Important technical levels are seen at resistance of ¥102.20 and ¥101.42 support.

See next currency section:GOLD - Gold Prices Remain at Risk of Further Declines

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Joining the Crowd in Buying USDJPY

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

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