USD/JPY Ratio: 1.28 Trading Forecast: Bearish
USDJPY – Our forex positioning indicator has forecasted that the US dollar would decline against the Japanese Yen since the USDJPY traded at 108, and a contrarian read of forex positioning continues to predict further USDJPY losses. The ratio of long to short positions in the USDJPY stands at 1.27 as nearly 56% of traders are long. Yesterday, the ratio was at 1.42 as 59% of open positions were long. The drop in USDJPY buying suggests that we may see a short-term correction of USDJPY weakness, but the SSI is a contrarian indicator and signals more USDJPY losses. Discuss the USDJPY and other Japanese Yen pairs in the forex forum.