British Pound Outlook Mixed versus Japanese Yen
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GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.15 as 54% of traders are long. Yesterday the ratio was 1.24; 55% of open positions were long. Long positions are 2.6% lower than yesterday and 21.6% below levels seen last week. Short positions are 4.7% higher than yesterday and 6.6% above levels seen last week. Open interest is 0.7% higher than yesterday and 3.0% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the GBPJPY may continue lower. The trading crowd has grown less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: EURUSD - Euro Forecast Turns Bearish as it Breaks $1.13
--- 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.