Forex Analysis: Japanese Yen Bounce Clouds Outlook

By David Rodriguez | DailyFX – Fri, Nov 30, 2012 12:04 PM SGT

Forex_Analysis_Japanese_Yen_Bounce_Clouds_Outlook_Revised_body_SSIJPY.jpg, Forex Analysis: Japanese Yen Bounce Clouds Outlook

USDJPY – Forex trading crowds have bought into a recent US Dollar (ticker:ticker::USDOLLAR) pullback against the Japanese Yen, and the modest shift in sentiment clouds our previous forecasts for USDJPY strength.

We maintain that the USDJPY set a significant bottom through September, but the build in crowd buying crowds warns against the potential for a larger short-term pullback. We remain bullish as long as the USDJPY remains above key congestion levels between ¥81.10-¥81.60.

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Market Data

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    NamePriceChange% Chg
    1.2652-0.00-0.16%
    USDSGD=X
    1.63310.00+0.27%
    EURSGD=X
    1.9061-0.00-0.01%
    GBPSGD=X
    80.2907-1.09-1.34%
    SGDJPY=X
    6.13550.01+0.18%
    SGDHKD=X
    2.39830.01+0.59%
    SGDMYR=X
    7,723.921916.68+0.22%
    SGDIDR=X
    4.85010.01+0.17%
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    AUDSGD=X
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    CLN13.NYM
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