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US Dollar’s Next Step versus Japanese Yen is Uncertain

US Dollar’s Next Step versus Japanese Yen is Uncertain

David Rodriguez, Head of Product
US Dollar’s Next Step versus Japanese Yen is Uncertain

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 1.08 as 52% of traders are long. Yesterday the ratio was 1.10; 52% of open positions were long. Long positions are 2.4% lower than yesterday and 0.0% above levels seen last week. Short positions are 0.4% lower than yesterday and 0.7% below levels seen last week. Open interest is 1.4% lower than yesterday and 26.0% 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 but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

See next currency section:AUDUSD - Australian Dollar Forecast to Decline Further

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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