Data Accurately Predicted USDJPY Bounce - Now What?
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Trade Implications – JPY Pairs: Two weeks ago we noted our positioning data showed retail traders at their most net-long USDJPY since it bottomed near ¥98 in October. And indeed, the low volatility environment leaves us watching for similar tests of major support and resistance. A rally into a potentially significant price ceiling at ¥102.25 would be the next important test for the Dollar.
See next currency section:AUDUSD - Australian Dollar at Major Crossroads for Two Reasons
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.