British Pound Likely Reversed vs JPY
GBPJPY – Forex trading crowds are their least net-short GBPJPY since the pair last traded above ¥122, and an apparent shift in sentiment favors further topside. The current SSI ratio shows that there are 1.65 traders long for every one short (62% of traders long). Yet longs are down 16.3% while shorts have jumped 32.5% since last week. We like further topside on the GBPJPY as a result.
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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