Weekly Internet-Lengthy Publicity Spikes 24.7%
USDJPY: Retail dealer knowledge reveals 45.7% of merchants are net-long with the ratio of merchants quick to lengthy at 1.19 to 1. The variety of merchants net-long is zero.9% larger than yesterday and 24.7% decrease from final week, whereas the variety of merchants net-short is 14.four% larger than yesterday and 12.7% larger from final week.
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Internet-Shorts Recommend Bullish Bias
We usually take a contrarian view to crowd sentiment, and the very fact merchants are net-short suggests USDJPY costs could proceed to rise. Merchants are additional net-short than yesterday and final week, and the mixture of present sentiment and up to date modifications offers us a stronger USDJPY-bullish contrarian buying and selling bias.
— Written by Jack Schwarze, DailyFX Analysis