Net-Long Traders Increased Above 50% Once Again
USDJPY: Retail trader data shows 53.0% of traders are net-long with the ratio of traders long to short at 1.13 to 1. The number of traders net-long is 3.9% higher than yesterday and 4.1% lower from last week, while the number of traders net-short is 3.1% lower than yesterday and 7.6% higher from last week.
USDJPY Continues to Trades With Mixed Bias
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.
--- Written by Abdullah AlAmoudi, DailyFX Research