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US Dollar Trading Higher versus Yen - Reversal on Hand?

US Dollar Trading Higher versus Yen - Reversal on Hand?

2017-04-24 17:25:00
DailyFX Research,
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US Dollar Trading Higher versus Yen - Reversal on Hand?

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

USDJPY: Retail trader data shows 70.4% of traders are net-long with the ratio of traders long to short at 2.37 to 1. In fact, traders have remained net-long since Jan 09 when USDJPY traded near 117.616; price has moved 6.7% lower since then. The number of traders net-long is 19.0% lower than yesterday and 20.1% lower from last week, while the number of traders net-short is 1.3% lower than yesterday and 13.7% 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. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current USDJPY price trend may soon reverse higher despite the fact traders remain net-long.

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

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