British Pound Expected to Fall versus JPY
Forex 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. Long interest is up a further 11 percent since last week while shorts have fallen by a significant 20 percent. We see little reason to call for an important GBPJPY turnaround.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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