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Forex: USD/JPY, SSI supports bullish bias

By FXstreet.com,  September 08, 2011, 05:50:00 PM EDT

FXstreet.com (California) - USD/JPY opened the Asian trade at 77.23, dipped to establish a floor at 77.13, then climbed into the 77.60 area after positive US trade and Consumer Credit Change data. The pair closed the U.S. session at 77.50, around 30 pips above its opening price.

According to David Rodriguez, Currency Analyst at DailyFX, the Speculative Sentiment Index ( SSI ) has shown trading crowds remained net-long USDJPY since the pair traded below 90.00. "The ratio of long to short positions in the USDJPY stands at 5.32 as nearly 84% of traders are long. Yesterday, the ratio was at 5.39 as 84% of open positions were long," he explains.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks: SSI



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