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USDJPY

PRICE MOVED LOWER BY 3.6% SINCE DEC 18

USDJPY: Retail trader data shows 50.1% of traders are net-long with the ratio of traders long to short at 1.01 to 1. In fact, traders have remained net-long since Dec 18 when USDJPY traded near 113.283; price has moved 3.6% lower since then. The percentage of traders net-long is now its lowest since Dec 12 when USDJPY traded near 113.283. The number of traders net-long is 2.5% lower than yesterday and 11.8% lower from last week, while the number of traders net-short is 12.4% higher than yesterday and 14.9% higher from last week.

For more in-depth analysis, check out the Q1 2019 Forecast for USDJPY

USDJPY SUGGESTS A MIXED BIAS

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current USDJPY price trend may soon reverse higher despite the fact traders remain net-long.

--- Written by Nancy Pakbaz, CFA, DailyFX Research