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- US Dollar breaking major highs versus Japanese Yen
- Our real FX volume indicator shows limited participation in the move
- Critical resistance marks major tests, while positioning warns against chasing here
USDJPY Finally Breaking Out, but Move Occurring on Low Volume and Trader Interest
Source: FXCM Trading Station Desktop, FXCM Real Volume and Transactions Indicator, Prepared by David Rodriguez.
Test of Critical Resistance Can Quickly Tell us if this is Lasting Breakout
Source: FXCM Trading Station Desktop, FXCM Real Volume and Transactions Indicator, Prepared by David Rodriguez.
Professional Positions Have Actually Grown Less Long USDJPY
Source: FXCM Retail FX Positioning Data, Prepared by David Rodriguez.
Retail Traders Are Mostly Closing Long Positions as Pair Tests Highs
Source: FXCM Retail FX Positioning Data, Prepared by David Rodriguez.
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-- Written by David Rodriguez, Quantitative Strategist for DailyFX.com David specializes in automated trading strategies. Find out more about our automated sentiment-based strategies on DailyFX PLUS.
Contact and follow David via Twitter: https://twitter.com/DRodriguezFX
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