The mid-to-end of May sell-off in the US dollar looks like it has run its course with the USD basket pushing higher from its multi-week 101.10 low print. Get your market update from nickcawley1 here:
To look at how the Japanese Yen has weakened against the US dollar we need to now use a monthly chart to find levels of resistance and interest. The confirmed break above 125.00, a level previously used by the Bank of Japan to ‘soft talk’ the pair down, now leaves 135.18 as the next level of note and an achievable target.
The number of traders net-long is 16.90% higher than yesterday and 12.77% lower from last week, while the number of traders net-short is 3.30% lower than yesterday and 17.69% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise.
Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a
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