British Pound Bias Remains Bearish versus Yen
GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.79 as approximately 64% of traders are long. Yesterday the ratio was 2.22; 69% of open positions were long. In detail, long positions are 14.7% lower than yesterday and 12.8% above levels seen last week. Short positions are 5.6% higher than yesterday and 10.4% below 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.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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