USDJPY – Short-term forecasts for the US Dollar/Japanese Yen currency pair remain bearish, but indecisive price action limits our conviction on USDJPY positions. The ratio of long to short positions in the USDJPY stands at 1.60 as nearly 62% of traders are long. This is effectively unchanged from yesterday, and the net-long trading crowd bias gives us contrarian signal to go short the pair. In detail, long positions are 4.5% higher than yesterday and 4.3% stronger since last week. Short positions are 8.9% higher than yesterday and 19.1% weaker since last week. Two of our sentiment-based trading strategies remain short the USDJPY through recent price action.
