British Pound at Risk of Break Lower versus Yen
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Trade Implications – GBPJPY:Traders recently turned net-long the Sterling versus the Yen as it traded sharply below ¥177, but as of this morning a wave of selling left the crowd net-short as the pair made a run towards ¥173. It’s early yet, but the sharp shift warns that the GBPJPY could indeed trade to further highs. Congestion near ¥175 looks like a plausible short-term price target.
See next currency section:EURUSD - Euro at Clear Risk of Further Declines
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX