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During this week carry trade positioning grew less extreme. At this time 61% of retail traders are long USDJPY (long to short ratio is 1.55). However, since last week, retail has been selling the USDJPY (short positions are up by 1.1%). When retail is long but reduces its exposure, the long term direction remains bearish but the market might have some upside in the short term. The SSI gives us a medium strength SIGNAL TO SELL USDJPY.
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