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Retail Trader Positioning 31st October – USDJPY Intervention!
On Oct 27th we talked of the yen being in a major technical "squeeze" and that a break out was likely to result as a result of 3 potential reasons. Reason #3 was the winner!
3. BOJ Intervention could result in strong weakening of the Yen.
We ended last week with 88%+ of USDJPY traders long and wrong for many months now. Today Japan sold the yen for the second time in less than three months after it hit another all time high against the dollar last week. As usual...retail traders are quickly moving position and we are seeing a strong drop in overall long positions to 70.83%. We expect this trend to continue but its important to note that past interventions haven't done a whole lot to stem the tide.
Whilst the USDJPY still appears to be in our strong short zone, as the data we collect from brokers adjusts over the next day or so we expect our view to move closer to neutral.
Other currency pairs have become very neutral and we are seeing strong drop offs towards neutral positioning.
Today’s Data sheets & journals
eurusd | gbpusd | usdjpy | s&p500 | nasdaq | dow jones
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