Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
USDJPY – The ratio of long to short positions in the USDJPY stands at 1.72 as 63% of traders are long. Yesterday the ratio was 1.89; 65% of open positions were long. Long positions are 6.2% lower than yesterday and 8.7% below levels seen last week. Short positions are 3.1% higher than yesterday and 1.5% below levels seen last week. Open interest is 3.0% lower than yesterday and 23.8% below its monthly average. 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. The trading crowd has grown less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section:AUDUSD - Australian Dollar Poised for Further Losses
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