Instrument: USDJPY
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 110.982 with take profit at price 111.064.
Bearish Preference:
A sell position is envisaged if price trades below 110.799 with take profit at price 110.708.
Fundamentals:
No major fundamental.
Comment: Retail trader data shows 39.00% of traders are net-long with the ratio of traders short to long at 1.56 to 1. The number of traders net-long is 11.22% lower than yesterday and 12.92% lower from last week, while the number of traders net-short is 10.76% lower than yesterday and 22.17% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise.
Analysis: SCRUM Team