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Yen Shows Signs of Strength with Bullish Contrarian Bias

Yen Shows Signs of Strength with Bullish Contrarian Bias

2017-10-31 18:00:00
Dylan Jusino,
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Yen Shows Signs of Strength with Bullish Contrarian Bias

USDJPY: Retail trader data shows 48.6% of traders are net-long with the ratio of traders short to long at 1.06 to 1. The number of traders net-long is 0.7% lower than yesterday and 8.3% lower from last week, while the number of traders net-short is 1.6% higher than yesterday and 0.2% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bullish contrarian trading bias.

--- Written by Dylan Jusino, DailyFX Research

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

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