US Dollar Poised for Further Appreciation versus Yen
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.