British Pound Declines May Continue vs. JPY
GBPJPY – The ratio of long to short positions in the GBPJPY stands at 3.24 as nearly 76% of traders are long. Yesterday, the ratio was at 2.98 as 75% of open positions were long. In detail, long positions are 12.2% lower than yesterday and 16.4% weaker since last week. Short positions are 19.2% lower than yesterday and 4.7% stronger since last week. Open interest is 14.0% weaker than yesterday and 12.1% below its monthly average. When the SSI shows traders are long but have eased buying, we see only modestly strong signal that the pair could continue lower.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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