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
To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to email@example.com;
New to FX markets? Learn more in our video trading guide.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
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.