TRADERS REMAIN NET-SHORT
USDJPY: Retail trader data shows 47.4% of traders are net-long with the ratio of traders short to long at 1.11 to 1. The number of traders net-long is 9.9% lower than yesterday and 5.2% lower from last week, while the number of traders net-short is 1.8% higher than yesterday and 5.6% lower from last week..
For more in-depth analysis, check out the Q1 2019 Forecast for USDJPY
USDJPY SENTIMENT SUGGESTS A MIXED BIAS
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 more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.
--- Written by Nancy Pakbaz, CFA, DailyFX Research
Follow Nancy on Twitter @ NancyPakbazFX
