Shift in Sentiment Could Push USDJPY Higher
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Shift in Sentiment Could Push USDJPY Higher

DailyFX.com -

Shift in Sentiment Could Push USDJPY Higher

USDJPY: Retail trader data shows 54.0% of traders are net-long with the ratio of traders long to short at 1.17 to 1. In fact, traders have remained net-long since Dec 29 when USDJPY traded near 113.214; price has moved 0.5% lower since then. The number of traders net-long is 0.7% higher than yesterday and 0.7% higher from last week, while the number of traders net-short is 0.9% higher than yesterday and 9.2% higher from last week.

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 Dylan Jusino, DailyFX Research

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

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


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

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