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British Pound Likely Reversed vs JPY

British Pound Likely Reversed vs JPY

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

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

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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