Yen Mixed as Traders Go Long
USDJPY: Retail trader data shows 49.0% of traders are net-long with the ratio of traders short to long at 1.04 to 1. The number of traders net-long is 6.5% higher than yesterday and 19.2% lower from last week, while the number of traders net-short is 4.4% lower than yesterday and 3.6% lower 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. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.
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