Japanese Yen – Forex trading crowds remain effectively neutral the Japanese Yen against the US Dollar but continue buying JPY across the board. We remain bullish USDJPY and other Yen crosses.
Trade Implications – USDJPY: Our proprietary SSI data leaves us in favor of Japanese Yen weakness, but an otherwise-bearish US Dollar forecast leaves us more in favor of going short JPY against other currencies (e.g. long AUDJPY, long EURJPY). Indeed, our Momentum2 system continues buying into EURJPY strength to good effect.
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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