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Traders Buying USDJPY as it Sticks to Large Range

Traders Buying USDJPY as it Sticks to Large Range

David Rodriguez, Head of Product
Traders Buying USDJPY as it Sticks to Large Range

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USDJPY The ratio of long to short positions in the USDJPY stands at 1.94 as 66% of traders are long. Yesterday the ratio was 2.09; 68% of open positions were long. Long positions are 3.4% higher than yesterday and 8.9% below levels seen last week. Short positions are 11.7% higher than yesterday and 23.7% above levels seen last week. Open interest is 6.0% higher than yesterday and 5.9% above 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 Fails to Rally Above Key Resistance

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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