USD/JPY Sentiment Suggests A Bullish Trading Bias
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USD/JPY Net-Long Exposure Decrease At Faster Rate Than Net-Short
USDJPY: Retail trader data shows 48.4% of traders are net-long with the ratio of traders short to long at 1.06 to 1. The number of traders net-long is 12.4% lower than yesterday and 30.0% lower from last week, while the number of traders net-short is 10.1% lower than yesterday and 18.3% lower from last week.
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USD/JPY Trading Sentiment Suggests Bullish Trading Bias
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bullish contrarian trading bias.
--- Written by Jack Schwarze, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.