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Could Finally be Start of US Dollar Breakout versus Yen

Could Finally be Start of US Dollar Breakout versus Yen

David Rodriguez, Head of Product
Could Finally be Start of US Dollar Breakout versus Yen

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USDJPY Retail forex traders are now net-short the US Dollar versus the Japanese Yen for the first time in four months; we’ll continue to watch for USDJPY gains until sentiment shifts.

Trade Implications – JPY Pairs: The trading crowd last turned short as the pair crossed above the ¥104 mark and quickly reversed. We could obviously see a similar ‘fake-out’ if the Dollar fails to hold gains, but as long as retail traders remain short we’ll watch for continued USDJPY strength.

See next currency section:AUDUSD - Australian Dollar Poised for Continued Weakness

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Could Finally be Start of US Dollar Breakout 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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