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US Dollar Looks like a Sell versus Japanese Yen

US Dollar Looks like a Sell versus Japanese Yen

David Rodriguez, Head of Product

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

USDJPY –Retail FX traders remain long the US Dollar versus the Japanese Yen, and a contrarian view of crowd sentiment leaves us mostly in favor of selling into USD/JPY declines. The pair currently trades at key congestion levels almost squarely at the ¥120.50 mark. Failure here would shift focus towards a comparable price floor near ¥118.50, and it would take a meaningful shift in crowd sentiment to change our trading bias.

See next currency section: AUDUSD - Australian Dollar Outlook Remains Bearish until this Changes

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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