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USDJPY – Heavily one-sided retail trader sentiment suggests the US Dollar may stick to its tight trading range versus the Japanese Yen.
Trade Implications – JPY Pairs: Yesterday we noted that a major USDJPY breakdown could spark much larger FX market volatility. Yet that seems relatively unlikely given extremely slow price action, and instead the potential for a crowd sentiment extreme favors a USDJPY and EURJPY bounce off of key lows.
See next currency section:AUDUSD - Australian Dollar Likely to Continue Higher
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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