British Pound Likely to Rally Against Japanese Yen
GBPJPY –Currency trading crowds remain aggressively net-short the British Pound against the Japanese Yen, giving contrarian signal to buy into sharp advances. The ratio of long to short positions in the GBPJPY stands at -6.79 as nearly 87% of traders are short. Yesterday, the ratio was at -5.02 as 83% of open positions were short. In detail, long positions are 7.8% lower than yesterday and 10.4% weaker since last week. Short positions are 24.5% higher than yesterday and 147.7% stronger since last week. Open interest is 19.1% stronger than yesterday and 89.2% above its monthly average. The SSI is a contrarian indicator and signals more GBPJPY gains.
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