简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:JAPANESE YEN, USD/JPY, EUR/JPY, TECHNICAL ANALYSIS, RETAIL TRADER POSITIONING - TALKING POINTS
Retail traders are betting on a continued decline in the Yen
This could precede a turn lower in USD/JPY and EUR/JPY
According to IG Client Sentiment (IGCS), retail investors are seemingly increasing their long exposure in Japanese Yen crosses like USD/JPY and EUR/JPY. IGCS is typically a contrarian indicator. This could signal more room for these pairs to fall ahead. For further analysis into the Yen and IGCS, where I discussed how you can use the tool in your own trading strategy, check out the recording of this weeks webinar above.
USD/JPY SENTIMENT OUTLOOK - BEARISHThe IGCS gauge implies that about 56% of retail traders are net-long USD/JPY. Upside exposure increased by 5.22% and 13.19% over a daily and weekly basis respectively. The fact traders are net-long hints prices may continue falling. The combination of current sentiment and recent changes further supports that the pair may weaken ahead.
TECHNICAL ANALYSISUSD/JPY is attempting to find follow-through in the aftermath of a Bearish Engulfing candlestick pattern. This could spell a turning point for the pair. But, rising support from the beginning of this year is still maintaining the dominant upside bias. A breakout under it could open the door to testing the 100-day Simple Moving Average (SMA). The latter may reinstate the focus to the upside.
USD/JPY DAILY CHARTThe IGCS gauge implies that about 46% of retail investors are net-long EUR/JPY. Upside exposure increased by 17.67% and 28.62% over a daily and weekly basis respectively. The fact traders are net-short hints prices may keep rising. But, the combination of current sentiment and recent changes warns that the pair may turn lower ahead.
TECHNICAL ANALYSISEUR/JPY is attempting to find follow-through after a Hanging Man candlestick pattern emerged. While prices have declined slightly since then, the 20-day SMA is maintaining the dominant focus to the upside. As such, a close under the line could see the pair aim lower towards rising support from last year. In that outcome, the trendline may reinvigorate bulls as it acts as key support.
EUR/JPY DAILY CHARTStay tuned on WikiFX, more news coming soon!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
WEEKLY FUNDAMENTAL GOLD PRICE FORECAST: NEUTRAL
GOLD, XAU/USD, TREASURY YIELDS, CORE PCE, TECHNICAL ANALYSIS - TALKING POINTS:
EUR/GBP PRICE, NEWS AND ANALYSIS:
The dollar was up on Thursday morning in Asia, with the yen and euro on a downward trend ahead of central bank policy decisions in Japan and Europe.