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British Pound Expected to Fall versus JPY

British Pound Expected to Fall versus JPY

David Rodriguez, Head of Product
ssi_gbp-jpy_body_Picture_12.png, British Pound Expected to Fall versus JPY

GBPJPYForex trading crowds have remained aggressively long the British Pound against the Japanese Yen since the GBPJPY crossed below the ¥128 mark. We see little reason to call for a substantial GBPJPY reversal as our Speculative Sentiment Index shows traders remain strongly bullish. Yet a noteworthy 32 percent week-over-week jump in short positioning clouds short-term outlook. We remain bearish GBPJPY, but the shift in positioning gives us pause on calls for further near-term declines.

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

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