Speculators Confident In Yen Resistance At 100

[B]USD/JPY[/B][B] Ratio: 2.46
[/B][B]Signal: Bearish[/B]

                                 [B]Currency[/B]             [B]Last Week[/B]             [B]Present*[/B]             [B]% Long[/B]             [B]% Change in Positions   Outstanding[/B]             [B]Signal[/B]                               USDJPY             1.96             [B]2.46[/B]             71%             16.23%             Bearish                


[B]USDJPY – [/B]Retail positioning in the USDJPY is growing extreme. With the steady decline finally bringing the pair to the intervention-prone 100 level, the ratio has shot up to 2.46 with 71% of traders holding long positions. This is a jump from the 1.98 and 1.96 readings from yesterday and last week respectively. The details highlight the shift in positioning. Long trades have jumped 12.9% from yesterday and are a sharp 39.0% greater than last week. At the same time, profitable bears have cut their exposure to further downside momentum with shorts 8.9% fewer than yesterday and 16.5% weaker than last week. Despite the significance of the 100-level, open interest is only 5.6% stronger than yesterday and 29.8% above its monthly average. Considering the SSI is a contrarian indicator, the USDJPY’s extreme positioning points to an eventual break to the downside.