Related: Aussie Dollar ETF Under Pressure

The CurrencyShares Japanese Yen Trust (NYSEArca: FXY), which until recently had been one of the best-performing developed market currency ETFs, could see declines if investors opt for riskier assets.

“The movement in the Dollar Index since the beginning of June has traced out a bearish Shark harmonic.  The pattern reached its Potential Reversal Zone (PRZ) Monday as it touched the 200 day SMA.  Now the pullback has retraced about 23.6% of the pattern, and it would have a target of either 95.27 (38.2%) or 94.39 (61.8%), also the 50 day SMA,” adds Dragonfly Capital.

For more information on Currency ETFs, visit our Currency-Hedged category.

PowerShares DB U.S. Dollar Index Bullish Fund