Japanese Yen Remains in Control versus US Dollar
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Trade Implications – JPY Pairs: Our retail trader sample shows total long positions in the USDJPY outnumber those short by over 2 to 1—the most extreme sentiment we’ve seen since the pair set an important low near 101 in July, 2014. One-sided positioning often coincides with important price reversals, but sentiment extremes are only clear in hindsight.
Indeed the Yen remains the top-performing currency in 2015, and our sentiment data suggests it may continue higher versus the US Dollar (USDJPY lower) and other major counterparts before any meaningful turnaround.
See next currency section:AUDUSD - Australian Dollar Shows Early Signs of Reversal
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.