Sterling Targets Strength versus Downtrodden Japanese Yen
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Trade Implications – GBPJPY:Our data shows that the majority of positions turned short GBPJPY as it traded above ¥174 through late October with only a minor shift to a net-long position. As with the USDJPY, extended Japanese Yen losses clearly raise the risk of an important GBPJPY correction lower. Yet until we see a sustained shift in sentiment we’ll remain in favor of selling into JPY weakness (USDJPY, GBPJPY gains).
See next currency section:EURUSD - Euro Bounce May be Short-Lived as Sentiment Unchanged
--- 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.