USDJPY : Shaken as retail traders still cut prices
The Japanese Yen closed at its weakest level against the US Dollar since early November after USDJPY rose the most since late July. In response, retail traders increased their exposure to risk decrease in the exchange rate.
The IGCS gauge shows that only about 20% of retail traders are net-long USD/JPY. Since an overwhelming majority of them are biased to the downside, this is offering a bearish outlook for the broader horizon. Meanwhile, downside bets have increased by 3.72% and 7.4% compared to yesterday and last week, respectively. With that in mind, overall positioning and recent changes produce a stronger bullish contrarian trading bias.
The IGCS gauge shows that only about 20% of retail traders are net-long USD/JPY. Since an overwhelming majority of them are biased to the downside, this is offering a bearish outlook for the broader horizon. Meanwhile, downside bets have increased by 3.72% and 7.4% compared to yesterday and last week, respectively. With that in mind, overall positioning and recent changes produce a stronger bullish contrarian trading bias.
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