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US Dollar Likely to Continue Lower versus Japanese Yen

US Dollar Likely to Continue Lower versus Japanese Yen

David Rodriguez, Head of Product
US Dollar Likely to Continue Lower versus Japanese Yen

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

USDJPY: Retail trader data shows 61.0% of traders are net-long with the ratio of traders long to short at 1.56 to 1. In fact, traders have remained net-long since May 17 when USDJPY traded near 112.807; price has moved 1.6% lower since then. The number of traders net-long is 4.8% higher than yesterday and 2.9% higher from last week, while the number of traders net-short is 2.0% higher than yesterday and 12.9% lower 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish contrarian trading bias.

See next article in this week’s report: Spot Gold - Gold Price Rally Likely to Continue until this Changes

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

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