Japanese Yen May Have Set Important Low versus Dollar
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Trade Implications – JPY Pairs:Last week we highlighted aggressively one-sided retail positions as a key reason the Japanese Yen would continue lower (USDJPY higher). And yet price has obviously corrected sharply lower, while total retail long interest in the USDJPY has surged near its highest since July.
Markets remain choppy, and it’s possible this is yet another brief correction within the impressive overall uptrend. Yet we can’t ignore the risks that this is the start of a more lasting pullback.
See next currency section:AUDUSD - Australian Dollar Remains a Sell until this Changes
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.