Filed Under:
Forex pairs in this Article » USD/JPY, EUR/JPY, GBP/JPY
ssi_eur-jpy_body_Picture_16.png, Japanese Yen Likely to Hit Fresh Peaks versus Euro, GBPJapanese Yen – A substantial shift towards Japanese Yen selling (EURJPY buying) suggests that Yen crosses may have set substantial tops through recent price action (EURJPY, GBPJPY, AUDJPY may trade lower).

Trade Implications – EURJPY: Retail forex trading crowds were recently at their most net-short EURJPY since the pair set a substantial top near ¥123, but there’s been a substantial shift in the past week—long orders have surged 54 percent while short positions are down 27 percent.

The performance in our sentiment-based trading strategies in JPY pairs has admittedly been underwhelming as of late, but our Momentum2 strategy has now gone short EURJPY from ¥130.01. We think the trade has strong potential for success.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_eur-jpy_body_Picture_8.png, Japanese Yen Likely to Hit Fresh Peaks versus Euro, GBPAutomate our SSI-based trading strategies via Mirror Trader free of charge

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

Facebook at http://www.Facebook.com/DRodriguezFX

original source
comments powered by Disqus
Trading Center