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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.65%, while traders in France 40 are at opposite extremes with 77.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/mhS5GPlzBU
USD/JPY: Weekly Short Positions Decrease 9% Prompting a Bearish Bias

USD/JPY: Weekly Short Positions Decrease 9% Prompting a Bearish Bias

Jake Schoenleb,
USD/JPY: Weekly Short Positions Decrease 9% Prompting a Bearish Bias

Weekly Short Positions Drop 10%

USDJPY: Retail trader data shows 55.2% of traders are net-long with the ratio of traders long to short at 1.23 to 1. In fact, traders have remained net-long since Oct 15 when USDJPY traded near 111.77; price has moved 0.3% higher since then. The number of traders net-long is 2.1% higher than yesterday and 6.1% higher from last week, while the number of traders net-short is 8.6% lower than yesterday and 9.0% lower 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 Downside

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish 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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