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British Pound surges after UK exit poll shows Conservatives expected to win 368 seats out of 650

Sterling Remains a buy versus Japanese Yen

Sterling Remains a buy versus Japanese Yen

2014-12-11 17:15:00
David Rodriguez, Head of Business Development
Sterling Remains a buy versus Japanese Yen

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GBPJPYRetail 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

Sterling Remains a buy versus Japanese Yen

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