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US Dollar Likely to Fall Further versus Japanese Yen

US Dollar Likely to Fall Further versus Japanese Yen

David Rodriguez, Head of Product
US Dollar Likely to Fall Further versus Japanese Yen

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

USDJPY: Retail trader data shows 72.2% of traders are net-long with the ratio of traders long to short at 2.6 to 1. In fact, traders have remained net-long since Jan 09 when USDJPY traded near 117.082; price has moved 5.2% lower since then. The number of traders net-long is 10.5% lower than yesterday and 0.7% lower from last week, while the number of traders net-short is 11.8% lower than yesterday and 1.2% 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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