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British Pound Bias Remains Bearish versus Yen

British Pound Bias Remains Bearish versus Yen

Christopher Vecchio, CFA, Senior Strategist
ssi_gbp-jpy_body_Picture_1.png, British Pound Bias Remains Bearish versus Yen

GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.84 as nearly 65% of traders are long. Yesterday, the ratio was at 1.78 as 64% of open positions were long. In detail, long positions are 0.6% lower than yesterday and 4.9% stronger since last week. Short positions are 3.8% lower than yesterday and 13.3% weaker since last week. Open interest is 1.7% weaker than yesterday and 12.7% below its monthly average. The SSI is a contrarian indicator and signals more GBPJPY losses.

How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Analyst 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 cvecchio@dailyfx.com; Contact Chris via Twitter at http://www.twitter.com/CVecchioFX

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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