US Dollar Expected to Gain Further versus Japanese Yen
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USDJPY – Retail FX traders continue to hold USD-long positions against the Japanese Yen, and this would normally act as contrarian signal that USD/JPY could decline. Yet we have seen sentiment shift notably since last week; long positions are down 14 percent while short positions are down a lesser 4 percent.
Retail sentiment gives us an effectively mixed USD trading bias versus the Yen, but a hold of key support suggests the Greenback may indeed continue higher.
See next currency section: AUDUSD - Australian Dollar Forecast to Fall Further
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.