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EURJPY – A significant shift in Euro trading crowd sentiment leaves us in favor of further weakness versus the resurgent Japanese Yen.
Trade Implications – EURJPY: Retail traders have remained mostly short the Euro versus the Yen as the EURJPY exchange rate trades near important highs. Yet in the past week we’ve seen long interest jump 34 percent and total longs are now at their highest levels in over two years. The material swing in sentiment warns of continued losses—particularly as we’ve seen a similar turn in the Euro/US Dollar.
See next currency section:EURUSD - Substantial Swing in Forex Sentiment Warns of Euro Losses
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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