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USD/JPY Climbs to 11-Month Highs as Weekly Short Positions Swell 32%

USD/JPY Climbs to 11-Month Highs as Weekly Short Positions Swell 32%

Jake Schoenleb,
USD/JPY Climbs to 11-Month Highs as Weekly Short Positions Swell 32%

Only 34% of Retail Traders are Net-Long Despite Recent Gains

USDJPY: Retail trader data shows 34.9% of traders are net-long with the ratio of traders short to long at 1.87 to 1. In fact, traders have remained net-short since Sep 13 when USDJPY traded near 111.628; price has moved 2.1% higher since then. The number of traders net-long is 5.0% higher than yesterday and 10.3% lower from last week, while the number of traders net-short is 9.7% higher than yesterday and 32.5% higher from last week.

To gain more insight to how we use sentiment to power our trading, join us for our weekly Trading Sentiment webinar.

USD/JPY Trading Sentiment Suggests Further Upside

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 Jake Schoenleb, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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