Yen Open Interest Soars As Spot Approaches 105

[B]USD/JPY[/B][B] Ratio: 2.18
[/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]                               USD/JPY             1.86             [B]2.18[/B]             69%             49.62%             Bearish                


[B]USDJPY – [/B]Retail speculative positioning in USDJPY intensified over the past week. The break of a short-term rising trend channel and spots approach of 105 has led the SSI ratio to rise from 1.86 last week to 2.18. This puts nearly 69% of retail traders in our sample in long trades, up from 65% from last week. Looking into the details, the proximity of multi-year lows may be leading the speculative crowd to believe a major market move is underway. Open interest is 6.9% stronger than yesterday and 35.2% above the monthly average. In spite of the break to the downside, long positions jumped 12.7% from yesterday and are 46.3% higher than last Thursday. Short trades, on the other hand, are 3.9% lower than Wednesday and 30.8% stronger than last week.