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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 7 percent while short positions are up 8 percent.

A recent look at volume-based technical levels suggests that the USDJPY may indeed continue higher—especially as retail FX traders slowly but surely flip directions and are now close to holding a net-short positions.

See next currency section:AUDUSD - Australian Dollar May be at Brink of Much Larger Reversal

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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