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US Dollar Remains a Sell versus the Japanese Yen

US Dollar Remains a Sell versus the Japanese Yen

David Rodriguez, Head of Product
US Dollar Remains a Sell versus the Japanese Yen

Why and how do we use the SSI in trading? View our video and download the free indicator here

USDJPY– Retail FX traders remain net-long the US Dollar versus the Japanese Yen and have remained such with virtually no interruption through the past 12 months. The USD/JPY has fallen from ¥125 to lows near ¥105 through that stretch, and a contrarian view of crowd sentiment has kept us bearish throughout.

The same data shows 65 percent of open positions are currently long the USD/JPY—keeping our bearish bias intact. The only caveat is that long interest has fallen by 22 percent in the past seven days as short interest has risen 21 percent. It seems clear the broader downtrend remains intact, but the recent shift in retail sentiment suggests that the pace of losses may slow.

See next currency section: XAUUSD - Gold Price Forecast to Fall Through Near Term

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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