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 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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