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Yen Outlook Unclear on Mixed Sentiment

Yen Outlook Unclear on Mixed Sentiment

2011-12-08 17:14:00
David Rodriguez, Head of Product
Share:
ssi_usd-jpy_body_Picture_9.png, Yen Outlook Unclear on Mixed Sentiment

USDJPY – Trading crowds remain aggressively net-long the US Dollar against the Japanese Yen and have been long since the pair traded at 90, giving us consistent signal that the USDJPY could fall to further lows. Yet it serves to warn that recent CFTC Commitment of Traders data showed that Non-commercial futures traders were heavily long the Japanese Yen (short the USDJPY). Very one-sided positioning warns that the USDJPY could bounce on any sudden short covering.

The ratio of long to short positions in the USDJPY stands at 5.33 as nearly 84% of traders are long. Yesterday, the ratio was at 4.82 as 83% of open positions were long. In detail, long positions are 7.1% higher than yesterday and 14.6% stronger since last week. Short positions are 3.3% lower than yesterday and 7.6% stronger since last week. Open interest is 5.3% stronger than yesterday and 5.8% above its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses, but risk/reward on fresh short positions seems poor on limited USDJPY downside.

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

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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