The latest FOMC minutes, released yesterday, highlight the Fed’s determination to get rampant inflation under control by squeezing monetary policy. Get your market update from nickcawley1 here:
The monthly USD/JPY chart shows the pair touching a multi-year zone of resistance between 124.14 and 125.86, an area that has not only held firm in recent years but has also produced a sharp turn lower. If the BoJ is comfortable with the Yen at current levels, it may well allow a re-test of this resistance and a break higher before any verbal intervention. The 135.25 January 2002 high may be a step too far, but a push to 130.00 is not out of the question.25.
The number of traders net-long is 14.16% lower than yesterday and 2.35% higher from last week, while the number of traders net-short is 6.72% higher than yesterday and 1.64% 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 more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a
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