US Dollar Remains a Sell versus Japanese Yen
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USDJPY: Retail trader data shows 61.8% of traders are net-long with the ratio of traders long to short at 1.62 to 1. The number of traders net-long is 4.2% higher than yesterday and 24.7% higher from last week, while the number of traders net-short is 10.0% higher than yesterday and 22.3% 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. Positioning is less net-long than yesterday but more 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: Gold Price - Clear Risk of Sustained Turnaround
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