British Pound Outlook Bullish vs Yen
GBPJPY – The ratio of long to short positions in the GBPJPY stands at -2.42 as nearly 71% of traders are short. Yesterday, the ratio was at -2.65 as 73% of open positions were short. In detail, long positions are 5.1% higher than yesterday and 2.7% weaker since last week. Short positions are 4.0% lower than yesterday and 7.6% weaker since last week.
Trading crowds remain short, but the recent build in long positions moderates our contrarian GBPJPY-bullish bias.
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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