FXCM

Japanese Yen Outlook Modestly Bullish Against US Dollar

Thursday July 2, 05:25 PM

SSID7-2-09

USDJPY – The jump in forex crowd USDJPY buying gives us contrarian signal to sell into the pair’s declines. The ratio of long to short positions in the USDJPY stands at 1.71 as nearly 63% of traders are long. Yesterday, the ratio was at 1.30 as 57% of open positions were long. In detail, long positions are 9.8% higher than yesterday and 4.4% stronger since last week. Short positions are 16.5% lower than yesterday and 10.1% stronger since last week. The clear shift towards USDJPY buying has left our contrarian sentiment forex trading signals heavily short the currency pair.

Source:David Rodriguez, Quantitative Strategist strategist@dailyfx.

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Japanese Yen Outlook Modestly Bullish Against US Dollar

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