British Pound Could Turn versus JPY
GBPJPY – Forex trading crowds remain heavily short the Japanese Yen, and traders have been long GBPJPY since the pair broke the ¥125 mark. Yet most recently traders have been shifting in the opposite direction; GBPJPY short positions rose 15% overnight while long positions were up a lesser 6.2%. It’s too early to call for an important turnaround, but there’s early evidence that the GBPJPY may have set an important bottom and may soon trade near significant highs near ¥126.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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