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USDJPY – The retail crowd remains tentatively short the USDJPY, and further evidence of a growing bullish bias towards the Yen keeps our systems looking the other way.
Trade Implications – JPY Pairs: Retail traders have become less long the Japanese Yen since last week, which suggests that there may be further gains yet ahead in several of the JPY-crosses (GBPJPY and USDJPY). However, we note that recent shifts in positioning do not provide the same clarity for EURJPY.
Written by Christopher Vecchio, Currency Analyst for DailyFX.com
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- Japanese Yen