US Dollar Uptrend Remains Intact versus Japanese Yen
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USDJPY - The ratio of long to short positions in the USDJPY stands at -1.13 as 47% of traders are long. Yesterday the ratio was -1.26; 44% of open positions were long. Long positions are 3.8% higher than yesterday and 25.5% above levels seen last week. Short positions are 6.4% lower than yesterday and 11.0% 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 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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