Technical Analysis

USDJPY: 27% Decrease Internet-Quick Suggests Costs Could Proceed to Drop

IG Client Sentiment

Internet-Quick is 27% Decrease From Final Week

USDJPY: Retail dealer knowledge exhibits 66.7% of merchants are net-long with the ratio of merchants lengthy to brief at to 1. Actually, merchants have remained net-long since Dec 18 when USDJPY traded close to 112.836; worth has moved four.5% decrease since then. The variety of merchants net-long is 12.2% decrease than yesterday and a pair larger from final week, whereas the variety of merchants net-short is 14.9% decrease than yesterday and 27.5% decrease from final week.

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USDJPY Sentiment Offers a Sturdy Bearish Bias

We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests USDJPY costs could proceed to fall. Merchants are additional net-long than yesterday and final week, and the mix of present sentiment and up to date adjustments offers us a stronger USDJPY-bearish contrarian buying and selling bias.

— Written by Fan Xu, DailyFX Analysis

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