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Crowds Remain Long GBPJPY But Sentiment Warns of Turn

Crowds Remain Long GBPJPY But Sentiment Warns of Turn

David Rodriguez, Head of Product

GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.35 as approximately 57% of traders are long. Yesterday the ratio was 1.70; 63% of open positions were long. In detail, long positions are 10.5% lower than yesterday and 3.0% below levels seen last week. Short positions are 13.1% higher than yesterday and 26.5% above levels seen last week. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the GBPJPY may continue lower. Current SSI is lower than yesterday and lower from last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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