USD/JPY Strong Bullish Momentum from Friday
Like we saw on Friday, USD appreciate against JPY and made a nice move up. I won't go long at this price but will wait on correction and then go with the trend. Its possible that price will test the previous daily high then a lot of retail traders will come in and then there will be reversal. I will monitor this trade and when my setup becomes valid i will publish the new post.
Retail trader data shows 52.4% of traders are net-long with the ratio of traders long to short at 1.1 to 1. The number of traders net-long is 1.9% higher than yesterday and 0.4% higher from last week, while the number of traders net-short is 5.4% lower than yesterday and 0.3% higher from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish contrarian trading bias.
Retail trader data shows 52.4% of traders are net-long with the ratio of traders long to short at 1.1 to 1. The number of traders net-long is 1.9% higher than yesterday and 0.4% higher from last week, while the number of traders net-short is 5.4% lower than yesterday and 0.3% higher from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish contrarian trading bias.
Comment:
Trade did really nice.