Japanese Yen Downtrend Remains Intact
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USDJPY –Impressively choppy price action in the Dollar/Yen exchange rate and JPY crosses has led to similarly indecisive moves in sentiment. Until we see an important shift we see remain cautiously bullish.
Trade Implications – JPY Pairs:Last week we highlighted risks that the USDJPY may have set an important top as we saw a substantial shift towards retail FX crowd buying. Yet the opposite has since happened, and it seems as though the broader uptrend remains intact. We see little choice but to remain cautiously bullish until we see more concrete signs of a lasting reversal.
See next currency section:AUDUSD - We Favor Selling Australian Dollar 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.