British Pound Likely to Rally Against Japanese Yen
GBPJPY –Aggressive crowd selling gives us contrarian signal to watch for continued British Pound strength against the Japanese Yen. The ratio of long to short positions in the GBPJPY stands at -4.21 as nearly 81% of traders are short. Yesterday, the ratio was at -3.48 as 78% of open positions were short. In detail, long positions are 2.6% lower than yesterday and 16.3% weaker since last week. Short positions are 20.5% higher than yesterday and 27.8% weaker since last week. Open interest is 15.3% stronger than yesterday and 58.2% above its monthly average. The SSI is a contrarian indicator and signals more GBPJPY gains.
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