Forex Analysis: Japanese Yen Forecast to Fall Further

ssi_usd-jpy_body_Picture_7.png, Forex Analysis: Japanese Yen Forecast to Fall Further

USDJPY – Forex trading crowds remain net-short the US Dollar (ticker: USDOLLAR) against the Japanese Yen as the pair surges to fresh multi-year highs. Two weeks ago we warned of a potential sentiment extreme and short-term USDJPY top. Yet the reversal clearly proved short-lived and a run towards ¥90 seems likely.

Trade Implications – USDJPY: One of our retail sentiment-based trading strategies most recently attempted to go short USDJPY but got stopped out at breakeven. That same system is now close to going long, and the severity of the USDJPY uptrend makes this our preferred position.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2582+0.0028+0.23%
    USDSGD=X
    1.7396+0.0048+0.28%
    EURSGD=X
    2.1137+0.0071+0.34%
    GBPSGD=X
    81.3296-0.3443-0.42%
    SGDJPY=X
    6.1619-0.0137-0.22%
    SGDHKD=X
    2.5980-0.0031-0.12%
    SGDMYR=X
    9,218.9717-80.7129-0.87%
    SGDIDR=X
    4.9662-0.0025-0.05%
    SGDCNY=X
    1.1650-0.0009-0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,291.20+6.60+0.51%
    GCM14.CMX
    19.67+0.24+1.22%
    SIK14.CMX
    91.82-1.06-1.14%
    ^XAU
    3.12+0.06+1.83%
    HGK14.CMX
    101.90+0.46+0.45%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.75+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI