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  • 🇳🇱 Inflation Rate YoY (APR) Actual: 1.9% Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.89%, while traders in Wall Street are at opposite extremes with 77.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sV6ncqn10p
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  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.08% 🇨🇭CHF: 0.06% 🇦🇺AUD: 0.03% 🇳🇿NZD: -0.03% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hxMR9a5jxI
  • Heads Up:🇳🇱 Inflation Rate YoY (APR) due at 04:30 GMT (15min) Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
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  • Retail FX traders (at IG) have pushed up their long $USDCAD position to levels not seen in years which has nudged the net long to approximately 85% of open interest. They are fighting that trend https://t.co/eIOcdLiPik
  • Risk trends is the focus to start this week with the Nasdaq 100 dragging sentiment down through the close of the NY session. My attention is on the Dollar as pairs like $GBPUSD stare down major resistance or reversal: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/11/EURUSD-GBPUSD-and-Nasdaq-Outlook-Key-Levels-and-Events-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/72GGBPMNcw
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One-sided Sentiment Points to Dollar Weakness, Yen Strength

One-sided Sentiment Points to Dollar Weakness, Yen Strength

David Rodriguez, Head of Product
One-sided Sentiment Points to Dollar Weakness, Yen Strength

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USDJPY A recent shift towards retail FX crowd buying acts as contrarian signal that the USDJPY may continue lower.

The ratio of long to short positions in the USDJPY stands at 1.87 as 65% of traders are long. Yesterday the ratio was 1.92; 66% of open positions were long. Long positions are 2.1% lower than yesterday and 20.2% above levels seen last week. Short positions are 0.3% higher than yesterday and 13.6% below levels seen last week. Open interest is 1.3% lower than yesterday and 3.2% 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.

See next currency section:AUDUSD - Australian Dollar Forecast Unclear

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

One-sided Sentiment Points to Dollar Weakness, Yen Strength

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