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JPY Sentiment Shifts as Traders Go Net-Long

JPY Sentiment Shifts as Traders Go Net-Long

Dylan Jusino,
JPY Sentiment Shifts as Traders Go Net-Long

USDJPY: Retail trader data shows 49.5% of traders are net-long with the ratio of traders short to long at 1.02 to 1. The number of traders net-long is 0.2% higher than yesterday and 11.7% lower from last week, while the number of traders net-short is 2.1% lower than yesterday and 14.2% 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. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY 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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