US Dollar Turns to a Sell versus the Japanese Yen
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USDJPY - The ratio of long to short positions in the USDJPY stands at 1.47 as 60% of traders are long. Yesterday the ratio was -1.14; 47% of open positions were long. Long positions are 33.5% higher than yesterday and 2.8% below levels seen last week. Short positions are 20.5% lower than yesterday and 0.6% above levels seen last week. Open interest is 4.7% higher than yesterday and 6.7% above its monthly average.
We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the USDJPY may continue lower. The trading crowd has flipped from net-short to net-long from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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