British Pound Posed to Lose versus Japanese Yen
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Trade Implications – GBPJPY:Our retail FX trader sample shows there are nearly 1.9 open positions long the GBPJPY for every one that is short, and a contrarian view if crowd sentiment leaves us watching for weakness. A material turn in GBPUSD positions admittedly gives us pause in calling for GBP weakness, but we likewise see risk of a potentially significant USDJPY breakdown. Time will tell whether the JPY can outpace the suddenly-resurgent Sterling.
See next currency section:EURUSD - Euro Likely Turns the Corner on Key Warning Signs
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX