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Yen Poised to go Higher on Bearish Sentiment

Yen Poised to go Higher on Bearish Sentiment

DailyFX Research,
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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