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Risk of Brexit Doesn't Stop Crowd from Aggressively Shorting the Yen

Risk of Brexit Doesn't Stop Crowd from Aggressively Shorting the Yen

2016-06-23 00:00:00
Christopher Vecchio, CFA, Senior Strategist
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Risk of Brexit Doesn't Stop Crowd from Aggressively Shorting the Yen

USDJPY - The ratio of long to short positions in the USDJPY stands at 3.68 as 79% of traders are long. Yesterday the ratio was 3.44; 77% of open positions were long. Long positions are 2.6% lower than yesterday and 7.8% below levels seen last week. Short positions are 9.0% lower than yesterday and 10.4% below levels seen last week. Open interest is 4.1% lower than yesterday and 3.3% 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.

Read more: Crowd Still Net-Short GBP/USD as YouGov Poll Shows Remain at 51%

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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