Yen far from Overbought
Although USDJPY hit a 3-month low at 110.96, reaching its 100-WEEK MA for the 1st time in 3 months and its 200-DAY MA for the 1st time in 4 months, YEN strength is far from excessive. 1. Positioning. As the CFTC's speculative data on JPY positioning vs USD suggests, JPY remains net short vs USD, but has broken a 6-month trend line resistance, suggesting further reduction in JPY shorts. 2. JPY Trade-Weighted Index from the Bank of Japan is a truer reflection of yen value, rather than USDJPY, which is starting to reflect reduced USD positioning. JPY TWI chart indicates upside breakout ahead (technicals) and 110 is the obligatory next stop until the next risk-relief rally. After 1 failed attempted, our Premium short in USDJPY opened at 112.70 is nearing the target. Careful near 110.70 for now.
![Jpy Twi Dec 20 2018 Yen far from Overbought - Jpy Twi Dec 20 2018 (Chart 1)](/content/images/hot-chart/jpy-twi-dec-20-2018.jpg)
More Hot-Charts
-
Nasdaq100 Daily & Weekly
Jul 17, 2024 17:53 | by Ashraf LaidiThe triple top in weekly RSI suggests the following price and time implications: . PRICE: 18700. TIME: Duration of downside may last for another 3 to 4 weeks. -
Aussie View
Jul 3, 2024 17:14 | by Ashraf LaidiThe Australian dollar is the 3rd highest performing currency in the G10 so far this yearm behind USD and GBP. -
Aussie View
Jul 3, 2024 17:14 | by Ashraf LaidiThe Australian dollar is the 3rd highest performing currency in the G10 so far this yearm behind USD and GBP.