Retail trader data shows 46.4% of traders are net-long with the ratio of traders short to long at 1.16 to 1. The number of traders net-long is 9.1% lower than yesterday and 19.0% lower from last week, while the number of traders net-short is 16.3% lower than yesterday and 6.8% lower from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.