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US Dollar at Risk of Further Declines versus Yen

US Dollar at Risk of Further Declines versus Yen

David Rodriguez, Head of Product
US Dollar at Risk of Further Declines versus Yen

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 2.41 as 71% of traders are long. Yesterday the ratio was 2.14; 68% of open positions were long. Long positions are 7.8% higher than yesterday and 5.5% above levels seen last week. Short positions are 4.3% lower than yesterday and 3.3% below levels seen last week. Open interest is 4.0% higher than yesterday and 7.5% 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 and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

See next currency section:AUDUSD - Australian Dollar Forecast Remains Bullish

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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

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