- US Dollar trades at critical support versus the Japanese Yen
- Heavily one-sided retail FX trader sentiment underlines downside USDJPY risk
- Upcoming Fed rate decision critical as pair extremely correlated to US yields
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US Dollar Continues to Trade Near Key Lows Versus Japanese Yen
Source: FXCM Trading Station Desktop, Prepared by David Rodriguez
Retail FX Sentiment Shows Traders are Heavily Long USD versus the Yen
Source: FXCM Execution Desk Data, Chart Prepared by David Rodriguez
Strong link between USDJPY and US Treasury Yields Leaves Focus on FOMC Meeting
Data source: Bloomberg, Prepared by David Rodriguez
Forex Correlations Summary
View forex correlations to the S&P 500, S&P Volatility Index (VIX), Crude Oil Futures prices, US Treasury Yields, and Spot Gold prices.
Data source: Bloomberg. Chart source: R SEE GUIDE ON READING THE ABOVE CHART
--- 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