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US Dollar Likely to Fall even Further versus Japanese Yen

US Dollar Likely to Fall even Further versus Japanese Yen

David Rodriguez, Head of Product
US Dollar Likely to Fall even Further 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 71.3% of traders are net-long with the ratio of traders long to short at 2.48 to 1. In fact, traders have remained net-long since Jul 18 when USDJPY traded near 113.359; price has moved 3.9% lower since then. The number of traders net-long is 12.5% higher than yesterday and 11.1% higher from last week, while the number of traders net-short is 24.6% higher than yesterday and 16.2% 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. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current USDJPY price trend may soon reverse higher despite the fact traders remain net-long.

See next article in this week’s report: Gold Price - Looks Likely to Rally Further

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