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Crowds Sell Dollar versus Yen, Gives Contrarian Buy Signal

Crowds Sell Dollar versus Yen, Gives Contrarian Buy Signal

David Rodriguez, Head of Product
 Crowds Sell Dollar versus Yen, Gives Contrarian Buy Signal

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USDJPY - The ratio of long to short positions in the USDJPY stands at 1.42 as 59% of traders are long. Yesterday the ratio was 1.65; 62% of open positions were long. Long positions are 7.6% lower than yesterday and 5.1% below levels seen last week. Short positions are 6.7% higher than yesterday and 19.5% above levels seen last week. Open interest is 2.2% lower than yesterday and 2.0% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that traders have sold into recent gains gives us a modestly bullish trading bias.

See next currency section:AUDUSD - Australian Dollar at Potential Turning Point

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

 Crowds Sell Dollar versus Yen, Gives Contrarian Buy Signal

Automate our SSI-based trading strategies via Mirror Trader free of charge

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

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