Dollar Offers Trading Opportunities versus Japanese Yen
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Trade Implications – JPY Pairs: Last week we highlighted the fact that traders were at their most long USDJPY since it set an important low through February, and we treated that as signal the pair could bounce.
We will continue to watch for such sentiment extremes and likely join the crowd in buying the USDJPY near important support and selling at resistance. Only a break of key technical levels would shift our trading bias on the USDJPY.
See next currency section:AUDUSD - Australian Dollar May Continue to hold Key Support
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.