SSI: The Speculative Sentiment Index
The FXCM Speculative Sentiment Index provides an in-depth look at how retail FX traders are positioned and provides unique insight into market price moves and overall direction. Unlike major equities or futures markets, there is no single centralized exchange for forex trading. Such decentralized activity makes finding uniform volume or open interstest data impossible. DailyFX fills the gap by offering access to FXCM's proprietary volume and positioning information.
View the FXCM Speculative Sentiment Index in Real-Time
The SSI is reported Every Thursday at DailyFX.com and twice every trading day inside DailyFX PLUS.
US Dollar Looks like a Sell versus Japanese Yen
USDJPY –Retail FX traders remain long the US Dollar versus the Japanese Yen, and a contrarian view of crowd sentiment leaves us mostly in favor of selling into USD/JPY declines. The pair currently trades at key congestion levels almost squarely at the ¥120.50 mark. Failure here would shift focus towards a comparable price floor near ¥118.50, and it would take a meaningful shift in crowd sentiment to change our trading bias.
See next currency section:AUDUSD - Australian Dollar Outlook Remains Bearish until this Changes
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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