Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
USDJPY – The US Dollar has surged above ¥105 versus the Yen, and our retail trader data shows sentiment is now at its most extreme in over six years.
Trade Implications – JPY Pairs: Last week we noted that traders remained net-short USDJPY for the first time since it topped out on the first trading day of 2014, and said fact left us clearly in favor of continued strength. Indeed the volume profile in USDJPY trading seems supportive of continued strength, and only a material shift in sentiment combined with a daily close below ¥102.75 would turn us bearish.
See next currency section:AUDUSD - Australian Dollar Downtrend Intact for this Reason
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
original source
