Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
US Dollar Remains Likely to Hold Support versus Yen

US Dollar Remains Likely to Hold Support versus Yen

David Rodriguez, Head of Product

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

See a video on why we use the Speculative Sentiment Index as a contrarian indicator in our trading

USDJPY – Retail FX traders remain steadily long the US Dollar versus the Japanese Yen and have remained long since June. We most often treat this as a contrarian indicator to price action; the fact that most are long would make us take the opposite position and look to go short. Yet it’s likewise clear that traders have done reasonably trading the wide range in the USD/JPY through recent months.

We’ve recently highlighted the significance of major USD/JPY support at the ¥119 mark and why a further US Dollar breakdown would likely coincide with a substantial change in market conditions. Until that happens, however, we see little reason to believe that the USD/JPY will break to further lows.

See next currency section: AUDUSD - Australian Dollar Test of Support is a Big Deal

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES