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USD/JPY Sentiment Prompts a Mixed Bias

USD/JPY Sentiment Prompts a Mixed Bias

Fan Xu,
IG CLIENT SENTIMENT

60% of Retail Traders are Net-Short

USDJPY: Retail trader data shows 40.5% of traders are net-long with the ratio of traders short to long at 1.47 to 1. In fact, traders have remained net-short since Nov 02 when USDJPY traded near 112.854; price has moved 0.4% higher since then. The number of traders net-long is 2.9% lower than yesterday and 11.8% lower from last week, while the number of traders net-short is 12.9% lower than yesterday and 3.9% 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.

USDJPY Sentiment is Unable to Provide a Clear Direction

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY 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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