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US Dollar Outlook Turns Bearish versus Japanese Yen

US Dollar Outlook Turns Bearish versus Japanese Yen

David Rodriguez, Head of Product

Why and how do we use IG Client Sentiment in trading? See our guide.

USDJPY: Retail trader data shows 66.7% of traders are net-long with the ratio of traders long to short at 2.01 to 1. In fact, traders have remained net-long since Jan 09 when USDJPY traded near 116.998; price has moved 2.0% lower since then. The percentage of traders net-long is now its highest since Feb 28 when USDJPY traded near 113.09. The number of traders net-long is 3.1% higher than yesterday and 24.6% higher from last week, while the number of traders net-short is 6.3% lower than yesterday and 0.7% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish contrarian trading bias.

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

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