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USDJPY – Extremely one-sided retail crowd positions in the USDJPY warn that the pair may bounce off of key lows.
Trade Implications – JPY Pairs: Our proprietary positioning data shows that retail traders are their most net-long the Dollar versus the Japanese Yen since it set a significant low near ¥98 in October of last year. There are no guarantees in trading, but the potential sentiment extreme comes as the USDJPY continues to hold key lows. Staying above ¥100.80 makes buying the Dollar/Yen attractive.
See next currency section:AUDUSD - Australian Dollar Likely Set Important Price Top
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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