– USDJPY fails at key resistance, remains in tight trading range
– Trading Crowd Sentiment Suggests risks to Downside
– Yet SP 500 gains could help the Dollar bounce off of key lows versus the Yen
Video Summary: The US Dollar continues to trade in a tight range versus the Japanese Yen. Where is the next trade?
Follow any updates on the Dollar, Yen, and other currencies via this author’s e-mail distribution list.
Japanese Yen Remains in Tight Trading Range against Dollar
Source: FXCM Trading Station Desktop, Prepared by David Rodriguez.
Retail FX Traders Remain Aggressively long the Dollar against the Yen
Data source:FXCM Execution Desk data, Prepared by David Rodriguez
Correlations Suggest Rallies in the SP 500 May Nonetheless Take USDJPY Higher
Data source: Bloomberg, Prepared by David Rodriguez
Retail Speculators Likewise Selling Aggressively into SPX500 Gains
Data source:FXCM Execution Desk data, Prepared by David Rodriguez
Follow any updates on the Dollar, Yen, and other currencies via this author’s e-mail distribution list.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com David specializes in automated trading strategies. Find out more about our automated sentiment-based strategies on DailyFX PLUS.
Contact and follow David via Twitter: https://twitter.com/DRodriguezFX