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Sterling Looks like a Buy versus the Yen

Sterling Looks like a Buy versus the Yen

2014-11-06 16:10:00
David Rodriguez, Head of Product
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Sterling Looks like a Buy versus the Yen

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GBPJPYRetail FX traders have bought aggressively into Japanese Yen weakness (sold GBPJPY and USDJPY gains), and a contrarian view of crowd sentiment leaves us in favor of continued declines.

Trade Implications – GBPJPY:It was two weeks ago when we noted that a sharp build in GBPJPY selling pointed to further gains. Clearly the Bank of Japan had something to do with the Sterling’s subsequent ~1000 pip surge, and luck played an even-larger role than usual in this particular forecast. Until sentiment changes we see little reason to change our trading bias.

See next currency section:EURUSD - Euro Targets Fresh Multi-Year Lows

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Sterling Looks like a Buy versus the Yen

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