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Yen Poised to go Higher on Bearish Sentiment

Yen Poised to go Higher on Bearish Sentiment

2017-05-08 17:53:00
DailyFX Research,
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Yen Poised to go Higher on Bearish Sentiment

Why and how do we use IG Client Sentiment in trading? See our guide. USDJPY: Retail trader data shows 46.2% of traders are net-long with the ratio of traders short to long at 1.16 to 1. The percentage of traders net-long is now its lowest since Dec 12 when USDJPY traded near 114.975. The number of traders net-long is 1.7% higher than yesterday and 28.1% lower from last week, while the number of traders net-short is 27.2% higher than yesterday and 11.6% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bullish contrarian trading bias.

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

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