British Pound Sets Significant Bottom vs. JPY
GBPJPY – Forex trading crowds are now consistently net-short the GBPJPY for the first time since the pair traded near ¥125, and a clear shift in sentiment favors further topside. The current SSI ratio is fairly net-short at -1.55, and we see little reason to stray from our steadily bearish Japanese Yen trading bias (USDJPY bullish, GBPJPY bullish).
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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