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US Dollar Forecast to Continue Lower versus Japanese Yen

US Dollar Forecast to Continue Lower 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 72.1% of traders are net-long with the ratio of traders long to short at 2.58 to 1. In fact, traders have remained net-long since Jan 09 when USDJPY traded near 117.525; price has moved 7.6% lower since then. The number of traders net-long is 2.7% higher than yesterday and 8.3% higher from last week, while the number of traders net-short is 7.6% higher than yesterday and 8.1% higher 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. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.

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

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