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Dollar Poised to Trade off of Lows versus Yen

Dollar Poised to Trade off of Lows versus Yen

David Rodriguez, Head of Product
Dollar Poised to Trade off of Lows versus Yen

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USDJPY The US Dollar remains in a tight trading range versus the Japanese Yen, and our crowd sentiment data suggests the pair may continue to trade above key lows.

Trade Implications – JPY Pairs: Retail traders are heavily net-long the USDJPY, and in most conditions we would go against them and sell. Yet data shows that the crowd on average does well in slow-moving markets. FX options markets show that USDJPY volatility prices/expectations trade at record-lows. Until that changes we’ll remain in favor of joining the crowd and buying the Dollar at key support versus the Yen.

See next currency section:AUDUSD - Australian Dollar Presents Sell Opportunity

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Dollar Poised to Trade off of Lows versus Yen

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

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