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US Dollar Poised for Further Appreciation versus Yen

US Dollar Poised for Further Appreciation versus Yen

David Rodriguez, Head of Product
US Dollar Poised for Further Appreciation versus Yen

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USDJPY The US Dollar has surged above ¥105 versus the Yen, and our retail trader data shows sentiment is now at its most extreme in over six years.

Trade Implications – JPY Pairs: Last week we noted that traders remained net-short USDJPY for the first time since it topped out on the first trading day of 2014, and said fact left us clearly in favor of continued strength. Indeed the volume profile in USDJPY trading seems supportive of continued strength, and only a material shift in sentiment combined with a daily close below ¥102.75 would turn us bearish.

See next currency section:AUDUSD - Australian Dollar Downtrend Intact for this Reason

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

US Dollar Poised for Further Appreciation 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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