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British Pound Forecast Less Clear against JPY

British Pound Forecast Less Clear against JPY

2011-03-17 15:29:00
David Rodriguez, Head of Business Development
Share:
ssi_gbp-jpy_body_Picture_11.png, British Pound Forecast Less Clear against 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 5.27 as nearly 84% of traders are long. Yesterday, the ratio was at 7.00 as 88% of open positions were long. In detail, long positions are 36.2% lower than yesterday and 77.4% stronger since last week. Short positions are 15.3% lower than yesterday and 93.3% weaker since last week. Open interest is 33.6% weaker than yesterday and 61.1% below its monthly average. The SSI is a contrarian indicator and signals more GBPJPY losses.

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