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British Pound Outlook Unclear versus Japanese Yen

British Pound Outlook Unclear versus Japanese Yen

David Rodriguez, Head of Product
ssi_gbp-jpy_body_Picture_12.png, British Pound Outlook Unclear 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. Yet long positions have fallen 10 percent since last week while short interest is up 8 percent through the same stretch. When retail crowds are net-long but have begun selling, our SSI typically calls for short-term consolidation or perhaps a turn in overall trends.

How do we interpret and trade with 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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