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Crowd Sentiment Points to USDJPY Weakness

Crowd Sentiment Points to USDJPY Weakness

David Rodriguez, Head of Product
Crowd Sentiment Points to USDJPY Weakness

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 2.26 as 69% of traders are long. Yesterday the ratio was 1.85; 65% of open positions were long. Long positions are 1.7% higher than yesterday and 11.7% below levels seen last week. Short positions are 16.4% lower than yesterday and 2.2% below levels seen last week. Open interest is 4.6% lower than yesterday and 13.2% 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. The trading crowd has grown further net-long from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

See next currency section:AUDUSD - Australian Dollar May Rally Further as Crowds Sell

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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