Range Remains, but Retail Lines Up for JPY Weakness
USDJPY - The ratio of long to short positions in the USDJPY stands at 1.77 as 64% of traders are long. 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 further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.
--- Written by Christopher Vecchio, Currency Strategist
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