Technical Analysis

USDJPY: Sentiment Suggests a Blended Bias



USDJPY: Retail dealer information reveals 54.1% of merchants are net-long with the ratio of merchants lengthy to quick at 1.18 to 1. In actual fact, merchants have remained net-long since Dec 18 when USDJPY traded close to 113.568; worth has moved three.7% decrease since then. The share of merchants net-long is now its lowest since Jan 10 when USDJPY traded close to 108.288. The variety of merchants net-long is 7.6% decrease than yesterday and decrease from final week, whereas the variety of merchants net-short is 1.2% larger than yesterday and eight.four% larger from final week.

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We usually take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests USDJPY costs could proceed to fall. But merchants are much less net-long than yesterday and in contrast with final week. Current adjustments in sentiment warn that the present USDJPY worth development could quickly reverse larger regardless of the actual fact merchants stay net-long.

— Written by Nancy Pakbaz, CFA, DailyFX Analysis

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