USD/JPY: Sentiment Gives A Mixed Trading Bias
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Net-Short Positions Increase 8.6% From Last Week
USDJPY: Retail trader data shows 54.3% of traders are net-long with the ratio of traders long to short at 1.19 to 1. The number of traders net-long is 12.6% higher than yesterday and 5.3% lower from last week, while the number of traders net-short is 7.2% lower than yesterday and 8.6% higher from last week.
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Price Action and Sentiment Yields Trading Conflict
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 Jack Schwarze, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.