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USDJPY –Retail FX traders remain long the US Dollar versus the Japanese Yen. We would normally treat this as contrarian signal that the USD/JPY could continue lower, but overall positioning has moderated from recent extremes. And indeed crowds have most recently sold into USD/JPY rallies.
Until we see a more substantive shift in sentiment we will watch for USD/JPY gains.
See next currency section: AUDUSD - Australian Dollar at Risk of Further Declines
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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