Despite A Major Break, SSI Still Signaling A Rally For The Yen
USD/JPY Ratio: 1.96
Signal: Bearish
USDJPY – Few retail traders were evidently convinced by the USDJPY’s break below 105 and the push to fresh multi-year lows that the move brought along with it. The SSI ratio for USDJPY stands at 1.96, down from the more extreme 2.18 reading last week that built up expectations of the eventual breakdown. The details reveal that was just as significant an increase in traders trying to call a bottom on this downdraft as those joining the trend. Short positions rose 5.0% from Wednesday and 13.2% from last week. Long positions are only 0.2% higher than yesterday but 27.3% greater than they were last Thursday. Overall, open interest is up 1.5% from yesterday and is 30.2% above its monthly average. As the SSI is a contrarian indicator, the net positive position signals further USDJPY losses.
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