USDJPY – Forex trading crowds remain net-long the US Dollar (ticker: USDOLLAR) versus the Japanese Yen, but we’ve seen a steady decline in long interest and maintain that the USDJPY set a significant bottom through September.
Indeed, the number of retail traders long has fallen 11 percent since last week and is down an impressive 70 percent since September peaks. We remain bullish USDJPY until further notice, and technical resistance is seen at reaction highs of ¥83.65 and year-to-date peaks near ¥84.15.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
New to FX markets? Learn more in our video trading guide.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
- Investment & Company Information