British Pound Sets Significant Bottom 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. Short positions are up 7% since last week while long interest has fallen 16%. It’s difficult to claim that now is the best time to get long GBPJPY. Yet we favor further highs.
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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