[B]USD/JPY[/B][B] Ratio: 2.08
[/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 2.46 [B]2.08[/B] 68% 7.91% Bearish
[B]USDJPY – [/B]Like most of the other majors, the USDJPY’s Sentiment reading has grown less extreme over this past week. Its ratio eased significantly to 2.08 from 2.46 yesterday and 2.84 from just last week. A sharp reversal from 12 year lows and retest of 100 is likely the basis for the tempering. Open interest, on the other hand, hasn’t suffered from the push into recent record highs and the pickup in volatility. Net positioning, while down 5.7% from Wednesday, is actually 19.6% above its monthly average. Showing retailers’ frequent attempts at catching major reversals and taking profit quickly, long positions are 21.1% stronger from last week but 14.0% weaker than Wednesday. At the same time, shorts have jumped 17.7% from yesterday yet are 12.7% weaker than last Thursday. As a contrarian reading, the SSI is signaling further downside for USDJPY.