US Dollar Outlook Turns Bullish versus Japanese Yen
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US Dollar Outlook Turns Bullish versus Japanese Yen

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US Dollar Outlook Turns Bullish versus Japanese Yen

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USDJPY - The ratio of long to short positions in the USDJPY stands at -1.03 as 49% of traders are long. Yesterday the ratio was 1.10; 52% of open positions were long. Long positions are 9.3% lower than yesterday and 6.9% below levels seen last week. Short positions are 3.5% higher than yesterday and 6.4% above levels seen last week. Open interest is 3.2% lower than yesterday and 19.4% below its monthly average.

We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the USDJPY may continue higher. The trading crowd has flipped from net-long to net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

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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.

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