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Short

Retail Sentiment Is Hinting At Further Weakness In USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
The ratio of long to short positions in the USDJPY             stands at 2.22 as 69% of traders are long according to a survey of retail traders at several brokers. Yesterday the ratio was 2.21; 69% of open positions were long. Long positions are 4.3% higher than yesterday and 5.8% above levels seen last week.

We use these statistics as a contrarian indicator to price action, and the fact that the majority of traders are long gives a signal that the USDJPY             may continue lower. The trading crowd has grown further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

We will look to Short USDJPY             with a break of the 20 Day Low of 110.960, we suggest looking for a break of this low by at least 5 Pips. Look for targets of 109.700 & 108.000. Stops should be set using 1x or 2x ATR of 125 Pips.

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