Dollar Seems Likely to Bounce versus Yen
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.