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US Dollar Remains a Buy versus the Japanese Yen

US Dollar Remains a Buy versus the Japanese Yen

2016-12-20 16:00:00
David Rodriguez, Head of Product
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US Dollar Remains a Buy versus the 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 -1.36 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.

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

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