USDJPY – Heavily one-sided retail FX trader sentiment points to further US Dollar weakness versus the resurgent Japanese Yen.
Trade Implications – JPY Pairs:
Our retail trader sample shows total long positions in the USDJPY
outnumber those short by over 2 to 1—the most extreme sentiment we’ve
seen since the pair set an important low near 101 in July, 2014.
One-sided positioning often coincides with important price reversals,
but sentiment extremes are only clear in hindsight.
Indeed the Yen remains the top-performing currency
in 2015, and our sentiment data suggests it may continue higher versus
the US Dollar (USDJPY lower) and other major counterparts before any
meaningful turnaround.
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