US Dollar at Risk versus Yen, but Losses Far from Guaranteed
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USDJPY – Retail FX traders remain aggressively long the US Dollar versus the Japanese Yen, and a contrarian view of crowd sentiment warns that the USD/JPY may trade to further lows through near-term trading. The pair’s resilience at key support near ¥120 nonetheless warns that further losses are far from guaranteed, however; we’ll need to see traction below this key price floor before we can realistically call for much larger declines.
See next currency section: AUDUSD - Australian Dollar Likely to Decline 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.