British Pound May Hold Gains versus Japanese Yen
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
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
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