Sterling Remains a Buy versus the Japanese Yen
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Trade Implications – GBPJPY:We’ve remained steadily in favor of buying GBPJPY over the past three weeks. And obviously we did not foresee that easing from the Bank of Japan would spark such pronounced JPY weakness and help our trading forecasts. Yet the takeaway remains the same; until we see a marked shift in crowd sentiment the Japanese Yen remains a sell versus the GBP, US Dollar, and other major counterparts.
See next currency section:EURUSD - Euro Reversal Risk Grows as FX Positions Moderate
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.