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Yen Bullish Trading Bias Set Up By Bullish Trading Bias

Yen Bullish Trading Bias Set Up By Bullish Trading Bias

Dylan Jusino,
Yen Bullish Trading Bias Set Up By Bullish Trading Bias

USDJPY: Retail trader data shows 53.2% of traders are net-long with the ratio of traders long to short at 1.13 to 1. The percentage of traders net-long is now its highest since Sep 27 when USDJPY traded near 112.881. The number of traders net-long is 0.9% higher than yesterday and 2.3% higher from last week, while the number of traders net-short is 11.6% lower than yesterday and 23.1% 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish 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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