British Pound Outlook Unclear Against JPY
GBPJPY –The substantial overnight JPY selloff has forced a similarly significant shift in GBPJPY sentiment. The ratio of long to short positions in the GBPJPY stands at 1.59 as nearly 61% of traders are long. This is a significant shift from yesterday when the ratio was at 9.63 and 91% of open positions were long. In detail, long positions are 75.3% lower than yesterday and 68.5% weaker since last week. Short positions are 49.9% higher than yesterday and 1.7% weaker since last week. The strong shift offsets our previously bearish bias, and a further shift towards selling would give contrarian signal to buy into strength.
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