EURUSD - The ratio of long to short positions in the EURUSD stands at -3.11 as 24% of traders are long. Yesterday the ratio was -2.59; 28% of open positions were long. Long positions are 15.0% lower than yesterday and 15.8% above levels seen last week. Short positions are 2.1% higher than yesterday and 18.9% below levels seen last week. Open interest is 2.6% lower than yesterday and 14.7% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the EURUSD may continue higher. The trading crowd has grown further net-short from yesterday but moderated since 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 1.94 as 66% of traders are long. Yesterday the ratio was 1.83; 65% of open positions were long. Long positions are 6.0% higher than yesterday and 7.6% below levels seen last week. Short positions are 0.1% lower than yesterday and 13.1% above levels seen last week. Open interest is 3.8% higher than yesterday and 4.8% 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 further net-long from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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