US Dollar Finally Looks Like a Buy versus Japanese Yen

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ssi_usd-jpy_body_Picture_16.png, US Dollar Finally Looks Like a Buy versus Japanese Yen

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USDJPYAn aggressive shift towards USDJPY-selling and a break of critical resistance leaves us looking for further strength.

Trade Implications – JPY Pairs: Our Senior Strategist writes that ¥102.75 represented a critical test for the USDJPY, and the break higher leaves us focused on a run towards multi-year and YTD highs at ¥105.43. It’s admittedly risky to buy the US Dollar as it drops to fresh lows versus the Euro and other key counterparts. Yet a surge in the highly-correlated S&P 500 and Nikkei 225 suggests the USDJPY has further room to run. One of our sentiment-based trading strategies has gone long the Dollar from ¥102.36.

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_usd-jpy_body_Picture_8.png, US Dollar Finally Looks Like a Buy versus Japanese Yen

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