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US Dollar Likely to Hit Fresh Highs versus Yen

US Dollar Likely to Hit Fresh Highs versus Yen

David Rodriguez, Head of Product
US Dollar Likely to Hit Fresh Highs versus Yen

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USDJPY The US Dollar continues to trade near major highs versus the Japanese Yen, and extremely one-sided sentiment leaves us firmly in favor of buying into gains.

Trade Implications – JPY Pairs: The majority of retail traders in our sample turned short the USDJPY as it traded above ¥103. Until we see a shift towards crowd buying, our algorithms will continue to buy into Dollar strength.

There are early warnings that the USDJPY may correct lower before its next break higher, but such a pullback would likely present an attractive opportunity to buy in anticipation of further strength.

See next currency section:AUDUSD - Australian Dollar Likely to Depreciate until this Changes

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

US Dollar Likely to Hit Fresh Highs versus Yen

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