Yen Mixed Going into Weekend
USDJPY: Retail trader data shows 48.4% of traders are net-long with the ratio of traders short to long at 1.07 to 1. The number of traders net-long is 3.2% lower than yesterday and 4.3% lower from last week, while the number of traders net-short is 6.1% lower than yesterday and 0.9% 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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