[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.