British Pound Forecast Less Clear against JPY
GBPJPY –Trading crowds remain heavily net-short the British Pound against the Japanese Yen, but a recent drop in short positions weakens our otherwise bullish contrarian bias.. The ratio of long to short positions in the GBPJPY stands at -3.10 as nearly 76% of traders are short. Yesterday, the ratio was at -5.03 as 83% of open positions were short. In detail, long positions are 6.3% higher than yesterday and 26.6% weaker since last week. Short positions are 34.4% lower than yesterday and 479.7% stronger since last week. Open interest is 27.6% weaker than yesterday and 14.9% below its monthly average. The SSI is a contrarian indicator and signals more GBPJPY gains.
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