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Yen Poised to Continue Rally

Yen Poised to Continue Rally

2011-10-05 14:57:00
David Rodriguez, Head of Product
Share:
ssi_usd-jpy_body_Picture_7.png, Yen Poised to Continue Rally

USDJPY – Trading crowds remain aggressively net-long the US Dollar against the Japanese Yen, but the pair seemingly refused to break to fresh lows. Our subsequent bias is cautiously bearish—we’ll need to see fresh conviction to the downside before taking a more aggressive stance.

The ratio of long to short positions in the USDJPY stands at a massive 9.41 as nearly 90% of traders are long. Yesterday, the ratio was at 8.34 as 89% of open positions were long. In detail, long positions are 5.4% higher than yesterday and 19.3% stronger since last week. Short positions are 6.5% lower than yesterday and 27.3% weaker since last week. The SSI is a contrarian indicator and has called for USDJPY losses since the pair traded near 90.00. Yet the shorter-term picture is less clear on recent range trading.

Have further questions on the SSI? Contact our resident SSI expert atinstructor@dailyfx.com

How do we interpret the SSI? Watch anFXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To contact David, e-mail drodriguez@dailyfx.com

To be added to David’s e-mail distribution list for this and other reports, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

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