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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.
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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