USD/JPY Forecast: long positioning rose for a second straight week

jpyUSDJPY trading plan:

Speculators’ net long positioning on the U.S. dollar in the latest week soared to its highest level since mid-June 2019, according to calculations by U.S. Commodity Futures Trading Commission data released.

The value of the net long dollar position was $23.99 billion for the week ended Nov. 30, up from net longs of $22.11 billion in the previous week. U.S. dollar net long positioning rose for a second straight week. U.S. dollar net longs increased after Federal Reserve Chair Jerome Powell delivered hawkish testimonies early this week despite the emergence of the highly-transmissible Omicron coronavirus variant.

Bullish sentiment in the futures market

Origin: FreshForex

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