USD/JPY Ratio: 1.43 Trading Signal: Bearish
USDJPY – Forex traders continue buying the US dollar against the Japanese Yen, as long positions in the USDJPY have actually jumped 44.7 percent since last week. Such a sharp shift leaves the ratio of long to short positions in the USDJPY at 1.40 as nearly 58% of traders are long. It is likewise worthwhile to note that short positions are actually 25.6 percent weaker than last week at this time. On balance, we see that “the forex trading crowd” remains net-long the USDJPY and continues buying. Our contrarian indicator subsequently gives a clear signal to sell rallies in the USDJPY through near-term forex trading. Discuss your own forecasts for the USDJPY in our forex forum.