Only Minor Adjustments in Positioning as Ranges Remain Tight

EURUSD - The ratio of long to short positions in the EURUSD stands at -2.76 as 27% of traders are long. Yesterday the ratio was -3.11; 24% of open positions were long. Long positions are 9.5% higher than yesterday and 28.8% above levels seen last week. Short positions are 2.9% lower than yesterday and 20.2% below levels seen last week. Open interest is 0.1% higher than yesterday and 14.0% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the EURUSD may continue higher. The trading crowd has grown less net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

USDJPY - The ratio of long to short positions in the USDJPY stands at 1.89 as 65% of traders are long. Yesterday the ratio was 1.94; 66% of open positions were long. Long positions are 4.2% lower than yesterday and 15.0% below levels seen last week. Short positions are 1.5% lower than yesterday and 16.9% above levels seen last week. Open interest is 3.3% lower than yesterday and 7.7% below its monthly average. 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 and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.