Technical Analysis

USD/JPY: Weekly Brief Positions Enhance 23% Resulting in a Bullish Bias

USD/JPY: Weekly Short Positions Increase 23% Leading to a Bullish Bias

66% of Retail Merchants are Web-Brief

USDJPY: Retail dealer knowledge reveals 34.four% of merchants are net-long with the ratio of merchants brief to lengthy at 1.9 to 1. In truth, merchants have remained net-short since Nov 02 when USDJPY traded close to 113.183; worth has moved zero.6% increased since then. The variety of merchants net-long is eight.2% decrease than yesterday and 25.2% decrease from final week, whereas the variety of merchants net-short is 10.6% increased than yesterday and 23.four% increased from final week.

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Additional Web-Brief Positions Recommend a Bullish Bias

We sometimes take a contrarian view to crowd sentiment, and the very fact merchants are net-short suggests USDJPY costs might proceed to rise. Merchants are additional net-short than yesterday and final week, and the mixture of present sentiment and up to date adjustments provides us a stronger USDJPY-bullish contrarian buying and selling bias.

— Written by Fan Xu, DailyFX Analysis

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