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USDJPY –Forex trading crowds remain aggressively long the US Dollar against the Japanese Yen, and a contrarian view of sentiment leaves us in favor of continued USDJPY weakness.
Trade Implications – JPY Pairs: The Dollar trades at weekly lows versus the Yen and looks poised to test important support near the ¥101.30 mark. A further build in retail FX buying would favor a potentially significant breakdown in the exchange rate.
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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