Current Sentiment
Retail is short both USD (76% short on average) and JPY (61% short) against the rest of the majors: the 65% short on USD/JPY is where the two crowds meet, not a lean on either currency by itself.
All 8 currenciesPrice and retail positioning
The same retail long % as above, over the whole archive and drawn against the price. Candles from 15 minutes to monthly.
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How USD/JPY positioning is sitting
Retail traders are currently 65% short on USD/JPY — one-sided enough to start counting as a contrarian signal, which our signals begin to weigh from 60%. That is 14 points more short than a week ago. The crowd has stayed net short for 4 readings in a row. Across the last 21 readings it has swung between 32% and 66% long.
We read positioning against the crowd: the more one-sided it is, the more weight it carries as a contrarian signal, and below 60% it carries none. It is one of five factors in the signal for this pair — never a trade on its own. The full read, with levels, patterns and volatility, is on the USD/JPY analysis page.