USD/JPY Bottom of the Range
Updated
Retail trader data shows 59.4% of traders are net-long with the ratio of traders long to short at 1.47 to 1. In fact, traders have remained net-long since Dec 18 when USDJPY traded near 112.517; price has moved 1.6% lower since then. The number of traders net-long is 0.4% higher than yesterday and 3.6% lower from last week, while the number of traders net-short is 4.6% higher than yesterday and 10.7% lower from last week.
I 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.
I 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.
Comment
USD/JPY goes in contrarian direction as most retail traders trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.