GBP/JPY IG Client Sentiment: Our data shows traders are now net-short GBP/JPY for the first time since Feb 28, 2020 when GBP/JPY traded near 138.47.
Number of traders net-short has increased by 55.12% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
GBP/JPY: Retail trader data shows 49.62% of traders are net-long with the ratio of traders short to long at 1.02 to 1. In fact, traders have remained net-short since Feb 28 when GBP/JPY traded near 138.47, price has moved 6.50% lower since then. The number of traders net-long is 6.28% lower than yesterday and 17.80% lower from last week, while the number of traders net-short is 42.75% higher than yesterday and 55.12% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/JPY prices may continue to rise.
Our data shows traders are now net-short GBP/JPY for the first time since Feb 28, 2020 when GBP/JPY traded near 138.47. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/JPY-bullish contrarian trading bias.
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