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GBPJPY – Retail trading crowds remain short the British Pound versus the Japanese Yen, and a contrarian view of sentiment leaves us with a modestly bullish GBPJPY trading bias.
Trade Implications – GBPJPY:Our sample shows that traders most recently turned short GBP as it traded above ¥174 and with minor exception have remained short since then. It is certainly worth noting that sentiment has seen a more significant shift in the USDJPY—our models suggest the Dollar may have topped versus the Yen. Yet until we see a sustained turn in GBP positions we’ll continue to call for strength.
See next currency section:EURUSD - Euro Finally Shows Signs of a Lasting Turn
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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