US Dollar Remains a Buy versus the Japanese Yen
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USDJPY - The ratio of long to short positions in the USDJPY stands at -1.36 as 42% of traders are long. Yesterday the ratio was -1.26; 44% of open positions were long. Long positions are 0.1% higher than yesterday and 7.0% above levels seen last week. Short positions are 8.1% higher than yesterday and 2.2% below levels seen last week.
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 but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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