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British Pound Could Turn versus JPY

British Pound Could Turn versus JPY

David Rodriguez, Head of Product
ssi_gbp-jpy_body_Picture_12.png, 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.

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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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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