Net-Long Traders Fall by 16.4% Since Last Week
USDJPY: Retail trader data shows 48.1% of traders are net-long with the ratio of traders short to long at 1.08 to 1. The number of traders net-long is 4.4% lower than yesterday and 16.4% lower from last week, while the number of traders net-short is 7.7% lower than yesterday and 0.9% lower 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-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 Abdullah AlAmoudi, DailyFX Research