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Japanese Yen May Have Set Important Low versus Dollar

Japanese Yen May Have Set Important Low versus Dollar

David Rodriguez, Head of Product
Japanese Yen May Have Set Important Low versus Dollar

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USDJPYAn aggressive shift in retail FX positioning in the Japanese Yen warns that the USDJPY may have set an important short-term top.

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

Japanese Yen May Have Set Important Low versus Dollar

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

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