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US Dollar may Break Down versus Japanese Yen

US Dollar may Break Down versus Japanese Yen

David Rodriguez, Head of Product
US Dollar may Break Down versus Japanese Yen

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USDJPY Retail FX traders remain heavily long the US Dollar versus the Japanese Yen, and a contrarian view of crowd sentiment leaves us calling for further weakness.

Trade Implications – JPY Pairs: Our trader sample shows that open USDJPY long positions outnumber those short by 1.7 to 1. Last week that ratio was briefly above 2:1 and as such it’s worth noting that sentiment has moderated. Yet positions remain one-sided, and until this changes we will maintain our contrarian view in favor of a USDJPY breakdown.

See next currency section:AUDUSD - Australian Dollar Likely Set Important Low

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

US Dollar may Break Down versus Japanese Yen

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

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