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USDJPY –Retail FX trading crowds remain heavily long the US Dollar versus the Japanese Yen, and a contrarian view of crowd sentiment suggests the USDJPY may remain under pressure.
Trade Implications – JPY Pairs: The Greenback is finally making the move we’ve been waiting for, but it’s telling that the USDJPY is lagging the Dollar move. With the Euro and Sterling in particular we’ve seen a material shift in crowd sentiment coincide with a price reversal. Yet continued consolidation and mostly unchanged sentiment in the Dollar/Yen leaves us focused on the downside.
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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