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British Pound Outlook Bearish versus Japanese Yen

British Pound Outlook Bearish versus Japanese Yen

David Rodriguez, Head of Product
ssi_gbpjpy_body_Picture_6.png, 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 are likewise 13 percent above where they were last week, and there are 3.3 open orders long for every one short. We remain bearish the British Pound against the Japanese Yen as crowds continue to buy into GBPJPY declines.

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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