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USD/JPY Bounce Ahead of Brexit Vote Results Sees Crowd Reduce Longs

USD/JPY Bounce Ahead of Brexit Vote Results Sees Crowd Reduce Longs

Christopher Vecchio, CFA, Senior Strategist

USDJPY - The ratio of long to short positions in the USDJPY stands at 3.17 as 76% of traders are long. Yesterday the ratio was 3.54; 78% of open positions were long. Long positions are 18.9% lower than yesterday and 27.2% below levels seen last week. Short positions are 9.2% lower than yesterday and 15.6% below levels seen last week. Open interest is 16.7% lower than yesterday and 17.1% 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 less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

Read more: Brexit Referendum Timeline: When Will Districts Report Results?

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

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