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Bullish sentiment in the futures market

Bullish sentiment in the futures market | 06 December 2021

06 December 2021, USD/JPY

Bullish sentiment in the futures market

USDJPY trading plan:

Speculators' net long positioning on the U.S. dollar in the latest week soared to its highest level since mid-June 2019, according to calculations by U.S. Commodity Futures Trading Commission data released. The value of the net long dollar position was $23.99 billion for the week ended Nov. 30, up from net longs of $22.11 billion in the previous week. U.S. dollar net long positioning rose for a second straight week. U.S. dollar net longs increased after Federal Reserve Chair Jerome Powell delivered hawkish testimonies early this week despite the emergence of the highly-transmissible Omicron coronavirus variant.

Investment idea: buy 112.90 and take profit 113.55.

David Johnson
Analyst of «FreshForex» company
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