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Japanese Yen Rally May be Overdone, but Trend Remains Clear

Japanese Yen Rally May be Overdone, but Trend Remains Clear

David Rodriguez, Head of Product
Japanese Yen Rally May be Overdone, but Trend Remains Clear

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

USDJPY: Retail trader data shows 63.9% of traders are net-long with the ratio of traders long to short at 1.77 to 1. In fact, traders have remained net-long since May 17 when USDJPY traded near 113.298; price has moved 3.1% lower since then. The number of traders net-long is 13.4% higher than yesterday and 1.0% higher from last week, while the number of traders net-short is 9.1% higher than yesterday and 6.2% higher 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. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.

See next article in this week’s report: Spot Gold - Gold Price Outlook Unclear until this Changes

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