Correction Under Way in USD/JPY

DailyFX.com -

Correction Under Way in USD/JPY

USDJPY - The ratio of long to short positions in the USDJPY stands at 1.20 as 55% of traders are long. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the USDJPY may continue lower. The trading crowd has grown less net-long from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

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