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USDJPY: Net-Short Positions Decreased by 7.4% from Last Week

USDJPY: Net-Short Positions Decreased by 7.4% from Last Week

2019-04-23 15:49:00
Nancy Pakbaz, CFA, Markets Writer
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USDJPY

TRADERS REMAINED NET-SHORT SINCE MARCH 31

USDJPY: Retail trader data shows 32.3% of traders are net-long with the ratio of traders short to long at 2.1 to 1. In fact, traders have remained net-short since Mar 31 when USDJPY traded near 110.63; price has moved 1.1% higher since then. The number of traders net-long is 3.1% lower than yesterday and 3.7% higher from last week, while the number of traders net-short is 1.3% higher than yesterday and 7.4% lower from last week.

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USDJPY: SENTIMENTSUGGESTS A BULLISH TRADING 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 Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

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

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