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Dollar Seems Likely to Bounce versus Yen

Dollar Seems Likely to Bounce versus Yen

David Rodriguez, Head of Product
Dollar Seems Likely to Bounce versus Yen

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USDJPY Forex trading crowds are their most net-long the US Dollar versus the Yen since it bottomed near ¥101.50, and one-sided sentiment warns of a potential USDJPY bounce.

Trade Implications – JPY Pairs: The Dollar remains in a tight range versus the Yen, and in these low-volatility environments we tend to see short-term sentiment extremes coincide with important price reversals. A break below ¥101.50 might point to a more meaningful Dollar breakdown. Yet we see it more likely that the pair continues to hold to its tight trading range and the USDJPY trades higher.

See next currency section:AUDUSD - Australian Dollar Faces Important Test

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Dollar Seems Likely to Bounce versus Yen

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