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US Dollar Set for Reversal Despite Bullish Sentiment

US Dollar Set for Reversal Despite Bullish Sentiment

DailyFX Research,
US Dollar Set for Reversal Despite Bullish Sentiment

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

USDJPY: Retail trader data shows 60.2% of traders are net-long with the ratio of traders long to short at 1.51 to 1. In fact, traders have remained net-long since Jan 09 when USDJPY traded near 117.616; price has moved 5.0% lower since then. The percentage of traders net-long is now its lowest since Mar 03 when USDJPY traded near 113.995. The number of traders net-long is 16.5% lower than yesterday and 36.0% lower from last week, while the number of traders net-short is 10.2% higher than yesterday and 20.4% 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. 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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