British Pound Outlook Bearish versus Japanese Yen
Forex trading crowds have remained aggressively long the British Pound against the Japanese Yen since the GBPJPY crossed below the ¥128 mark. The sharp shift gave us contrarian signal that the pair could continue lower. Long positions have grown by 16 percent since last week while shorts have fallen 15 percent. The build in long positions gives further signal that the pair may continue lower.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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