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US Dollar Remains a Sell versus Japanese Yen

US Dollar Remains a Sell versus Japanese Yen

David Rodriguez, Head of Product
US Dollar Remains a Sell 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 61.8% 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

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

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