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British Pound Sets Significant Bottom vs. JPY

British Pound Sets Significant Bottom vs. JPY

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

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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