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Forex Traders Remain Heavily Long the USD/JPY – Losses Likely
Thursday, 05 February 2009 13:58:12 GMT  |  David Rodriguez, Quantitative Analyst and Antonio Sousa, Chief Strategist
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USD/JPY ratio: 1.29
Trading Forecast: Bearish

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USDJPY – Our contrarian forex trading strategies continue to sell the US Dollar/Japanese Yen currency pair, as forex trading crowds remain very bullish the USD/JPY. The ratio of long to short positions in the USDJPY stands at 1.29 as nearly 56% of traders are long. Yesterday, the ratio was at 1.24 as 55% of open positions were long. In detail, long positions are 7.8% higher than yesterday and 28.0% stronger since last week. Short positions are 3.3% higher than yesterday and 3.1% stronger since last week. The SSI is a contrarian indicator and signals more USDJPY losses.

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