
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
USDJPY –A substantial Japanese Yen breakdown (USDJPY, xxx/JPY breakout) has been met with aggressive crowd buying. Until this changes we’ll continue to call for further JPY weakness.
Trade Implications – JPY Pairs:Our retail trader sample shows that a relatively modest 53 percent of open positions are short USDJPY, but total short interest has gained 12 percent since last week while long positions are up a lesser 11 percent. We would typically wait for more one-sided positioning before taking an aggressive stance. Yet we see little choice but to favor further Yen weakness amid such clear momentum and hyper-aggressive monetary policy from the Bank of Japan.
See next currency section:AUDUSD - Australian Dollar Remains a Sell
Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX