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.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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