British Pound Predicted to Strengthen vs JPY
GBPJPY –Trading crowds remain heavily net-short the British Pound against the Japanese Yen, giving contrarian signal to watch for further rallies. The ratio of long to short positions in the GBPJPY stands at -7.38 as nearly 88% of traders are short. Yesterday, the ratio was at -9.15 as 90% of open positions were short. In detail, long positions are 7.8% higher than yesterday and 9.9% stronger since last week. Short positions are 13.1% lower than yesterday and 12.3% stronger since last week. Open interest is 11.0% weaker than yesterday and 21.4% above its monthly average. The overnight build in longs and drop in shorts warns that momentum may slow, but the sharply net-short SSI ratio gives contrarian signal to watch for further rallies.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.