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US Dollar Expected to Gain Further versus Japanese Yen

US Dollar Expected to Gain Further versus Japanese Yen

David Rodriguez, Head of Product
US Dollar Expected to Gain Further versus Japanese Yen

NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop

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.

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