British Pound Forecast to decline vs Japanese Yen
GBPJPY – Trading crowds remain aggressively long the British Pound against the Japanese Yen, giving contrarian signal that the pair may continue its decline. The ratio of long to short positions in the GBPJPY stands at 3.83 as nearly 79% of traders are long. It’s worth noting that long positions have fallen 32.6% overnight while shorts have surged 70.5%. Yet positioning remains extremely one-sided, and the contrarian bearish signal is consistent with the pair’s multi-month downtrend.
To receive future SSI reports and other research from author David Rodríguez, send an e-mail with subject line "Distribution List" to firstname.lastname@example.org.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.