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British Pound Outlook Unclear vs. Yen

British Pound Outlook Unclear vs. Yen

David Rodriguez, Head of Product
ssi_gbp-jpy_body_Picture_1.png, British Pound Outlook Unclear vs. Yen

GBPJPY – The British Pound continues to strengthen against the US Dollar and Japanese Yen. Yet relatively neutral retail trading crowd sentiment suggests that a major move higher remains somewhat unlikely. Our Speculative Sentiment Index shows there are 1.35 traders short for every one long. We would ideally see a stronger bias before making a forecast with more conviction, and indeed it seems entirely possible that the pair continues its recent consolidation pattern between ¥128 and ¥132.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.