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USDJPY: Retail dealer knowledge exhibits 63.9% of merchants are net-long with the ratio of merchants lengthy to brief at 1.77 to 1. In reality, merchants have remained net-long since May 17 when USDJPY traded close to 113.298; worth has moved three.1% decrease since then. The variety of merchants net-long is 13.four% greater than yesterday and 1.zero% larger from final week, whereas the variety of merchants net-short is 9.1% greater than yesterday and 6.2% larger from final week.
We sometimes take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests USDJPY costs might proceed to fall. Positioning is extra net-long than yesterday but much less net-long from final week. The mixture of present sentiment and up to date modifications provides us an extra combined USDJPY buying and selling bias.
See subsequent article on this week’s report: Spot Gold – Gold Price Outlook Unclear until this Changes
SOURCE: Daily Forex Signals – Read whole story here.