Dollar at Risk of Breakdown versus Japanese Yen

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ssi_usd-jpy_body_Picture_14.png, Dollar at Risk of Breakdown versus Japanese Yen

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USDJPYForex 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

ssi_usd-jpy_body_Picture_8.png, Dollar at Risk of Breakdown versus Japanese Yen

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