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Yen Bullish Trading Bias Set Up By Bullish Trading Bias

Yen Bullish Trading Bias Set Up By Bullish Trading Bias

2017-11-14 19:00:00
Dylan Jusino,
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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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