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Dollar May have Turned the Corner versus Yen

Dollar May have Turned the Corner versus Yen

2014-07-02 15:10:00
David Rodriguez, Head of Business Development
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Dollar May have Turned the Corner versus Yen

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USDJPY Heavily one-sided positions in the Dollar/Yen exchange rate warn that the USDJPY may have set an important low, and indeed our focus has now shifted higher in the Greenback.

Trade Implications – JPY Pairs: A stop and reverse at critical support leaves our Senior Strategist looking higher in the exchange rate, and the fact that this coincides with a potentially pivotal sentiment extreme helps confirm the Dollar bounce. Congestion at ¥102.00 remains clear near-term resistance, while recent multi-month lows near ¥101.25 offer support.

See next currency section:AUDUSD - Australian Dollar May Have Set Important Top

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Dollar May have Turned the Corner versus Yen

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