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Yen Set to Reverse Despite Bullish Sentiment

Yen Set to Reverse Despite Bullish Sentiment

2017-04-26 18:00:00
DailyFX Research,
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Yen Set to Reverse Despite Bullish Sentiment

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

USDJPY: Retail trader data shows 57.3% of traders are net-long with the ratio of traders long to short at 1.34 to 1. In fact, traders have remained net-long since Jan 09 when USDJPY traded near 117.525; price has moved 5.2% lower since then. The number of traders net-long is 4.2% lower than yesterday and 32.4% lower from last week, while the number of traders net-short is 16.5% higher than yesterday and 35.2% 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.

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