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Japanese Yen Sentiment Points to Potential Top

Japanese Yen Sentiment Points to Potential Top

David Rodriguez, Head of Product
ssi_usd-jpy_body_Picture_7.png, Japanese Yen Sentiment Points to Potential Top

USDJPY - The ratio of long to short positions in the USDJPY stands at 11.01 as approximately 92% of traders are long. Yesterday the ratio was 13.22; 93% of open positions were long. In detail, long positions are 8.3% lower than yesterday and 26.1% below levels seen last week. Short positions are 10.2% higher than yesterday and 26.0% above levels seen last week. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the USDJPY may continue lower. Current SSI is lower than yesterday and lower from last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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