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Yen is Clearly Oversold, but we expect further Weakness

Yen is Clearly Oversold, but we expect further Weakness

David Rodriguez, Head of Product
Yen is Clearly Oversold, but we expect further Weakness

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

USDJPYRetail FX traders in our proprietary sample remain net-short the USDJPY since it traded above ¥108 through late October. Until we see a lasting shift we’ll maintain our contrarian calls for USDJPY strength.

Trade Implications – JPY Pairs:Crowd positions in both US Dollar and Japanese Yen exchange rates have moderated since last week as major currencies have mostly consolidated. In the USDJPY this leaves the net retail position at a near-neutral 52 percent short—not a strong trading signal by most measures. And yet until we see a sustained shift towards USDJPY-buying we see little reason to abandon our broader US Dollar-bullish and Japanese Yen-bearish trading biases.

See next currency section:AUDUSD - Australian Dollar Targets Fresh Lows

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Yen is Clearly Oversold, but we expect further Weakness

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

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

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