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US Dollar Clings to Key Support versus Japanese Yen
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USDJPY - The ratio of long to short positions in the USDJPY stands at 1.84 as 65% of traders are long. Long positions are 1.5% lower than yesterday and 12.2% above levels seen last week. Short positions are 1.4% lower than yesterday and 10.9% below levels seen last week. Open interest is 1.4% lower than yesterday and 1.1% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the USDJPY may continue lower. The trading crowd has grown less net-long from yesterday but further long since last week. The combination of current sentiment and recent changes gives a further bearish trading bias.
See next currency section:AUDUSD - Australian Dollar Likely to Continue Lower
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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