Forex: USD/JPY falls to intra-day lows at 82.30
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USD/JPY
FXstreet.com (San Francisco) - After reaching December's highs at 82.60 in the Asian session, the USDJPY has been trading bearish the whole European morning and right now, ahead the American opening bell, the Dollar price at daily lows at 82.30 against the Yen.
Currently the USDJPY is trading 0.12% below opening price action at 82.35. According to the FXstreet.com Trend Index, the pair is "Slightly Bearish." Westpac's analyst Jonathan Cavenagh believes the USDJPY is vulnerable to near term downside correction.
"When appreciating net IMM positioning in JPY they note that short JPY positions just below -2 standard deviations (compared to a long term average) and since 2010 such extremes have often proven to represent a turning point in market sentiment and positioning. Coupled with other factors such as lack of US yield support, waning US data momentum and potential disappointment around BoJ actions (or lack of)," says Cavenagh.
Currently the USDJPY is trading 0.12% below opening price action at 82.35. According to the FXstreet.com Trend Index, the pair is "Slightly Bearish." Westpac's analyst Jonathan Cavenagh believes the USDJPY is vulnerable to near term downside correction.
"When appreciating net IMM positioning in JPY they note that short JPY positions just below -2 standard deviations (compared to a long term average) and since 2010 such extremes have often proven to represent a turning point in market sentiment and positioning. Coupled with other factors such as lack of US yield support, waning US data momentum and potential disappointment around BoJ actions (or lack of)," says Cavenagh.
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