Dollar Continues to Offer Trade Setups versus Yen
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Trade Implications – JPY Pairs: Last week we noted that our positioning data showed retail traders at their most net-long the Dollar versus the Japanese Yen since it bottomed at ¥98 in October. Positioning has since moderated as traders take profits on some of those long positions.
We expect that the trading crowd will continue to catch important turns as extremely low volatility favors mean-reversion trading strategies. We’re looking to buy near support near ¥100.80 and 101, while resistance is well-defined at ¥102.25 and 102.75.
See next currency section:AUDUSD - Australian Dollar Likely Set Important Price Top
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.