[B]USDJPY –[/B] Our contrarian forex trading strategies have remained short the USDJPY on one-sided sentiment extremes, but a more recent shift makes short-term outlook somewhat less clear. The ratio of long to short positions in the USDJPY stands at 2.04 as nearly 67% of traders are long. Though a ratio of over 2:1 is clearly extreme, this is a fairly significant shift from last week when the ratio stood above 3:1. Said change in direction has meant that one SSI-based strategy has actually gone long the USDJPY while another remains short. We remain bearish on fairly one-sided crowd sentiment, but short-term moves dilute our forecast for declines.