Filed Under:
Forex pairs in this Article » USD/JPY
ssi_usd-jpy_body_Picture_12.png, US Dollar Outlook Versus Japanese Yen Unclear Until This HappensReceive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

Japanese Yen – Forex trading crowds have bought aggressively into US Dollar weakness across the board, and in fact they are now their most long USDJPY since it set a key short-term bottom near ¥96.60.

Trade Implications – JPY Pairs: Our sentiment-based trading strategies have actually done well selling the Japanese Yen versus the British Pound (buying gains in GBPJPY), but their performance in the USDJPY itself has been underwhelming.

We’ll need to see a substantial break of key support at 96.60 OR a break above major resistance at 99.00 to take a stronger trading bias on the range-bound USDJPY. Indeed we see better trading opportunities in other JPY crosses.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_usd-jpy_body_Picture_13.png, US Dollar Outlook Versus Japanese Yen Unclear Until This HappensAutomate 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