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Japanese Yen – Retail forex traders remain short the British Pound versus the Japanese Yen as it trades near key peaks, but a continued moderation in positions warns that Yen crosses may have turned lower.
Trade Implications – JPY Pairs: The Japanese Yen has outperformed through recent price action versus the GBP, AUD, and others. And yet Yen crosses remain near major peaks—can this last?
Our Senior Technical Strategist underlines risks that the USDJPY itself may stall at monthly highs before breaking lower. If this does indeed occur, we would expect our sentiment-based systems to sell into USDJPY, GBPJPY, and other JPY cross weakness.
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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