Yen Poised to Continue Rally, Though Traders Pare Optimism
USDJPY – Traders remain biased in favor of the U.S. Dollar against the Yen, pointing towards further losses. The ratio of long to short positions in the USD/JPY stands at 6.71 as nearly 87% of traders are long. Yesterday, the ratio was at 5.91 as 86% of open positions were long. In detail, long positions are 3.9% higher than yesterday and 8.7% stronger since last week. Short positions are 8.3% lower than yesterday and 41.2% stronger since last week. Open interest is 2.2% stronger than yesterday and 13.6% above its monthly average. The SSI is a contrarian indicator and signals more USD/JPY losses.
Written by Christopher Vecchio, Currency Analyst
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