British Pound Remains a Sell versus Japanese Yen
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GBPJPY – Retail FX traders remain marginally net-long the British Pound versus the Japanese Yen, and until this changes we will continue to favor GBPJPY declines.
Trade Implications – GBPJPY:According to our data sample, traders turned net-short ¥174 and with brief exceptions remained short up until two weeks ago. Positioning has moderated somewhat yet the overall directly remains relatively clear—the Japanese Yen continues to outperform versus major counterparts. It will take a more significant shift in retail FX positioning to shift our bullish JPY bias (bearish GBPJPY).
See next currency section: EURUSD - Euro Tumbles Likely to Continue Until this Changes
--- 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.