Yen Mixed as Sentiment Shifts
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Yen Mixed as Sentiment Shifts

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Yen Mixed as Sentiment Shifts

USDJPY: Retail trader data shows 59.4% of traders are net-long with the ratio of traders long to short at 1.47 to 1. The number of traders net-long is 4.9% lower than yesterday and 10.8% higher from last week, while the number of traders net-short is 1.2% higher than yesterday and 33.0% lower 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. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY 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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