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Japanese Yen & Positivity: Auto Forex Trading Analysis of USD/JPY
The IG Client Report about the sentiments of the traders is revealing positivity about Japanese Yen. It is clearly hinting that JPY will grow against two of its major counter-currencies (USD & EUR). The constant betting of the retail traders of the said currency is also supporting this assumption. The retail traders are hoping that JPY will ‘rise and shine’ in the near trading term. However this report of sentiments mostly reflects the contrarian view of the forex market. Thus this positivity regarding the Japanese yen is actually a danger sign for it. Therefore you can assume that the trading days ahead are going to be tough for the said currency. It means that the very currency could be at risk in the near trading term. Understanding volatility in forex is essential when interpreting such sentiment signals.
Betting, Auto Forex Trading & the Japanese Yen
The betting of traders regarding the rise in the price of JPY is increasing. But at the same time, the contrarian indicator of the forex market, ‘IGCS’ is highlighting the downward trend of Yen in the days ahead. If this trade position continues then this could be disturbing for the traders of JPY. Traders using forex risk management strategies are better positioned to navigate such uncertain conditions.
Trading Trend of USD/JPY:
Currently the pair is enjoying a bullish trading trend. About 52% of traders of the said pair are indulging in net-short trading positions. It means that the price of the pair will likely continue rising. The upside exposure seems to be decreased. This fall of about 31% on weekly comparison is quite significant. The trend does not seem to reverse any soon. The pair is hovering over the value of 109.74. The current exposure of the pair is showing that the pair will enjoy gains. The traders are dealing with ranging trade of the pair. The price of the pair has been moving between the significant point of support at 109.07 and the key resistance point at 110.67. You can also review USD/JPY fundamentals on Investopedia for deeper context.