USD/JPY: Retail trader data shows 28.27% of traders are net-long with the ratio of traders short to long at 2.54 to 1. The number of traders net-long is 34.44% higher than yesterday and 31.53% higher from last week, while the number of traders net-short is 3.54% lower than yesterday and 12.10% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise.
Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current USD/JPY price trend may soon reverse lower despite the fact traders remain net-short.
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