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US Dollar Remains a Sell versus Japanese Yen

US Dollar Remains a Sell versus Japanese Yen

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

USDJPY– Retail FX traders remain extremely long the US Dollar versus the Japanese Yen, and a contrarian view of crowd positioning acts as signal the USD/JPY may continue lower. Our data shows there are currently over 4 positions long for every short—near multi-year extremes. A critical question is whether the pair stands to reverse at the ¥100 mark.

Our technical forecast calls for further USD/JPY weakness as long as the pair holds below key resistance near ¥103. It would likely take a substantive price reversal to force a comparable shift in sentiment, and until that happens we will continue to call for USD/JPY declines.

See next currency section: S&P - US S&P 500 Looks to Rally Even Further

Written by David Rodriguez, Senior Strategist for DailyFX.com

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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.

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