News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD Looks like a Buy versus the Yen

USD Looks like a Buy versus the Yen

David Rodriguez, Head of Product
USD Looks like a Buy versus the Yen

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

USDJPYChoppy price action in the Japanese Yen has made for similarly inconsistent shifts in trader sentiment, and we will wait for a decisive move in the USDJPY to establish a clear trading bias.

Trade Implications – JPY Pairs:The majority of traders remained short USDJPY from when it traded above ¥103 through August until it broke below ¥107 two weeks ago. Since then we’ve seen the crowd consistently buy into Dollar weakness versus the Yen, and indeed at the time we wrote that the Japanese Yen looked like a strong buy versus major counterparts.

Yet listless price action has watered down our forecast for further JPY strength, and a recent build in USDJPY selling acts as early signal the pair will likely continue higher.

See next currency section:AUDUSD - Australian Dollar Likely to Break Lower versus Greenback

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

USD Looks like a Buy versus the Yen

Automate our SSI-based trading strategies via Mirror Trader free of charge

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES