US Dollar Looks like a Buy versus Japanese Yen
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USDJPY - The ratio of long to short positions in the USDJPY stands at -1.54 as 39% of traders are long. Yesterday the ratio was -1.54; 39% of open positions were long. Long positions are 0.8% higher than yesterday and 6.3% above levels seen last week. Short positions are 0.7% higher than yesterday and 3.2% below levels seen last week. Open interest is 0.7% higher than yesterday and 10.9% above its monthly average.
We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the USDJPY may continue higher. The trading crowd has grown less net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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