British Pound May Hold Gains versus Japanese Yen
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GBPJPY – Retail FX traders have remained mostly long the British Pound versus the Japanese Yen, and a contrarian view of crowd sentiment has kept us mostly bearish. Yet indecisive moves have kept us on the sidelines through more recent price action.
Trade Implications – GBPJPY: Choppy price action in the USDJPY has made it difficult to establish a lasting trading bias for JPY, but an important shift in GBPUSD sentiment suggests the Sterling may trade higher. We are left with a somewhat-bullish trading bias in the GBPJPY, but we would ideally see a larger shift in sentiment before taking a more aggressive stance.
See next currency section: EURUSD - Euro Dips Could be Bought, Rallies Sold
--- 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.