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USD/JPY: Weekly Short Positions Increase 23% Leading to a Bullish Bias

USD/JPY: Weekly Short Positions Increase 23% Leading to a Bullish Bias

2018-11-13 16:00:00
Fan Xu,
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USD/JPY: Weekly Short Positions Increase 23% Leading to a Bullish Bias

66% of Retail Traders are Net-Short

USDJPY: Retail trader data shows 34.4% of traders are net-long with the ratio of traders short to long at 1.9 to 1. In fact, traders have remained net-short since Nov 02 when USDJPY traded near 113.183; price has moved 0.6% higher since then. The number of traders net-long is 8.2% lower than yesterday and 25.2% lower from last week, while the number of traders net-short is 10.6% higher than yesterday and 23.4% 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.

Further Net-Short Positions Suggest a Bullish 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 Fan Xu, DailyFX Research

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

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