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US Dollar Likely to Remain in Range versus Yen

US Dollar Likely to Remain in Range versus Yen

David Rodriguez, Head of Product

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USDJPY Retail FX traders remain long the US Dollar versus the Japanese Yen, but a noteworthy pullback in positions leaves us with an admittedly unclear short-term trading bias.

Trade Implications – JPY Pairs: Last week we wrote that heavily one-sided positions warned of a potential USDJPY breakdown, but a sharp rally clearly negated our calls for weakness. The Dollar continues to trade in a choppy range versus the Yen. Absent a break above multi-month highs near ¥120.80 or below ¥115.60 such indecisive price action seems likely to continue.

See next currency section: AUDUSD - Australian Dollar Targets Further Lows

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.

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