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US Dollar Likely to Rally Even Further versus Japanese Yen

US Dollar Likely to Rally Even Further versus Japanese Yen

David Rodriguez, Head of Product
US Dollar Likely to Rally Even Further versus Japanese Yen

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

USDJPY - The ratio of long to short positions in the USDJPY stands at -1.86 as 35% of traders are long. Yesterday the ratio was -1.57; 39% of open positions were long. Long positions are 7.6% lower than yesterday and 16.5% below levels seen last week. Short positions are 9.5% higher than yesterday and 3.5% above levels seen last week. Open interest is 2.8% higher than yesterday and 0.6% below 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 further net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

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

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