Retail traders being massacred, of course: USDJPY - The ratio of long to short positions in the USDJPY stands at 7.99 as nearly 89% of traders are long. Yesterday, the ratio was at 6.92 as 87% of open positions were long. In detail, long positions are 3.1% higher than yesterday and 6.5% stronger since last week. Short positions are 10.7% lower than yesterday and 27.1% stronger since last week. Open interest is 1.4% stronger than yesterday and 32.5% above its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses. SSI Details: EURUSD - The ratio of long to short positions in the EURUSD stands at -1.58 as nearly 61% of traders are short. Yesterday, the ratio was at -1.67 as 63% of open positions were short. In detail, long positions are 3.6% lower than yesterday and 4.5% stronger since last week. Short positions are 8.7% lower than yesterday and 0.4% stronger since last week. Open interest is 6.8% weaker than yesterday and 11.3% below its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains. GBPUSD - The ratio of long to short positions in the GBPUSD stands at -2.09 as nearly 68% of traders are short. Yesterday, the ratio was at -2.12 as 68% of open positions were short. In detail, long positions are 2.8% lower than yesterday and 21.1% stronger since last week. Short positions are 4.6% lower than yesterday and 15.4% weaker since last week. Open interest is 4.0% weaker than yesterday and 6.4% below its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains. GBPJPY - The ratio of long to short positions in the GBPJPY stands at 4.93 as nearly 83% of traders are long. Yesterday, the ratio was at 4.84 as 83% of open positions were long. In detail, long positions are 7.1% higher than yesterday and 33.4% stronger since last week. Short positions are 5.0% higher than yesterday and 58.0% weaker since last week. Open interest is 6.8% stronger than yesterday and 2.3% above its monthly average. The SSI is a contrarian indicator and signals more GBPJPY losses. USDJPY - The ratio of long to short positions in the USDJPY stands at 7.99 as nearly 89% of traders are long. Yesterday, the ratio was at 6.92 as 87% of open positions were long. In detail, long positions are 3.1% higher than yesterday and 6.5% stronger since last week. Short positions are 10.7% lower than yesterday and 27.1% stronger since last week. Open interest is 1.4% stronger than yesterday and 32.5% above its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses. USDCHF - The ratio of long to short positions in the USDCHF stands at 2.92 as nearly 75% of traders are long. Yesterday, the ratio was at 4.52 as 82% of open positions were long. In detail, long positions are 4.2% higher than yesterday and 18.6% stronger since last week. Short positions are 61.0% higher than yesterday and 32.5% stronger since last week. Open interest is 14.5% stronger than yesterday and 20.1% above its monthly average. The SSI is a contrarian indicator and signals more USDCHF losses. USDCAD - The ratio of long to short positions in the USDCAD stands at 3.26 as nearly 77% of traders are long. Yesterday, the ratio was at 1.15 as 53% of open positions were long. In detail, long positions are 0.0% higher than yesterday and 19.4% weaker since last week. Short positions are 64.9% lower than yesterday and 25.8% stronger since last week. Open interest is 30.2% weaker than yesterday and 21.9% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses. AUDUSD - The ratio of long to short positions in the AUDUSD stands at -4.13 as nearly 81% of traders are short. Yesterday, the ratio was at -3.95 as 80% of open positions were short. In detail, long positions are 0.0% lower than yesterday and 10.6% weaker since last week. Short positions are 4.4% higher than yesterday and 41.6% stronger since last week. Open interest is 3.5% stronger than yesterday and 16.0% above its monthly average. The SSI is a contrarian indicator and signals more AUDUSD gains. NZDUSD - The ratio of long to short positions in the NZDUSD stands at -9.18 as nearly 90% of traders are short. Yesterday, the ratio was at -3.17 as 76% of open positions were short. In detail, long positions are 63.0% lower than yesterday and 61.2% weaker since last week. Short positions are 7.0% higher than yesterday and 29.2% stronger since last week. Open interest is 9.8% weaker than yesterday and 45.8% above its monthly average. The SSI is a contrarian indicator and signals more NZDUSD gains.

This measurement is imperfect. FCXM likes to tout it all the time, but the fact of the matter is that the more extreme a move is in one direction, the more it will show retail traders getting "massacred" since many of them don't use stops and just hold out. Right now, you're hard pressed to find a USD pair that isn't at extreme values. So it's really a chicken-egg thing. Other than entertainment value, it proves nothing.