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Sterling Remains a Buy versus the Japanese Yen

Sterling Remains a Buy versus the Japanese Yen

David Rodriguez, Head of Product
Sterling Remains a Buy versus the Japanese Yen

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GBPJPYRetail FX traders remain aggressively short the British Pound versus the Japanese Yen, and until that changes we will continue to call for GBPJPY strength.

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

Sterling Remains a Buy versus the Japanese Yen

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