Japanese Yen Rallies Likely to Slow
USDJPY – The recent USDJPY bounce has been met with noteworthy forex trading crowd selling, watering down our long-standing bearish bias. Our SSI has shown trading crowds remained net-long USDJPY since the pair traded below 90.00, and we have since called for further losses.
The ratio of long to short positions in the USDJPY stands at 4.83 as nearly 83% of traders are long. Yesterday, the ratio was at 9.07 as 90% of open positions were long. Short positions are a sizeable 65.6% higher than yesterday while long positions are mostly unchanged. The sudden jump in short interest moderates are previously bearish bias. Yet it is important to note that nearly 83% of traders remain long, and the longer-term trend points to further losses.
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