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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 now net-short the GBPJPY for the first time since the pair traded near ¥125, and an apparent shift in sentiment favors further topside. The current SSI ratio is effectively neutral. Yet short positions are 4% higher from last week while longs tumbled 16%. It’s perhaps a bit late to jump on the GBPJPY-long bandwagon as there’s clear risk of short-term corrections. Yet the tide has shifted and we expect it to trend higher through the medium term.

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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