Japanese Yen Could Rally Further against USD
USDJPY – Trading crowds continue to buy into sharp US Dollar/Japanese Yen declines, giving us contrarian signal to watch for further losses through short-term trading. The ratio of long to short positions in the USDJPY stands at 7.84 as nearly 89% of traders are long. Yesterday, the ratio was at 8.30 as 89% of open positions were long. In detail, long positions are 5.2% lower than yesterday and 33.0% stronger since last week. Short positions are 0.7% lower than yesterday and 19.7% weaker since last week. Open interest is 4.7% weaker than yesterday and 12.3% above its monthly average.
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