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US Dollar Looks to Gain Further versus Japanese Yen

US Dollar Looks to Gain Further versus Japanese Yen

David Rodriguez, Head of Product
US Dollar Looks to Gain Further versus Japanese Yen

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USDJPYHeavily one-sided crowd sentiment warns that the Japanese Yen may continue lower versus the US Dollar (USDJPY higher) until we see a substantive shift in positions.

Trade Implications – JPY Pairs:Our retail trader sample shows that traders have remained short the USDJPY since it traded above ¥108, and a contrarian view of crowd sentiment keeps us watching for further gains. It’s worth noting that positioning has moderated somewhat in the past several days—long positions have gained faster than short positions and a mere 53 percent of open positions are short. Yet until we see a substantive shift we’ll continue to call for Yen weakness and USDJPY strength.

See next currency section:AUDUSD - Australian Dollar Shows Early Signs of Turnaround

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

US Dollar Looks to Gain Further versus Japanese 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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