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EURJPY – The Japanese Yen is at a potentially significant turning point versus the US Dollar, and the fact that the Euro trades at similarly pivotal levels may point a much larger JPY rally.
Trade Implications – EURJPY: Retail traders have been far less active in the Euro/Yen currency pair as the currency consolidates within a broad range. Yet this is indeed a sign that markets are coiling up for a much larger moves. As it stands our crowd sentiment indicator gives us a fairly neutral trading bias, but a sudden build in crowd buying would favor a further EURJPY breakdown.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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