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US Dollar at Risk of Larger Declines versus Japanese Yen

US Dollar at Risk of Larger Declines versus Japanese Yen

David Rodriguez, Head of Product
US Dollar at Risk of Larger Declines versus Japanese Yen

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USDJPY Retail FX traders continue to hold USD-long positions against the Japanese Yen, and we would most often treat this as a contrarian signal that the USD/JPY could continue lower. Indeed traders have grown further net-long as the pair trades into fresh monthly lows.

We’ll watch how the US Dollar reacts near pivotal support starting near the ¥123.50 mark; a break below would open up a larger decline towards comparable support closer to ¥120.50.

See next currency section:AUDUSD - Australian Dollar Forecast to Hit Fresh 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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