British Pound Outlook Unclear versus Yen
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GBPJPY - The ratio of long to short positions in the GBPJPY stands at -1.31 as 43% of traders are long. Yesterday the ratio was -1.28; 44% of open positions were long. Long positions are 6.3% lower than yesterday and 5.6% below levels seen last week. Short positions are 4.1% lower than yesterday and 12.4% below levels seen last week. Open interest is 5.1% lower than yesterday and 4.8% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the GBPJPY may continue higher. The trading crowd has grown further net-short from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section:EURUSD - Euro May Have Finally Turned
--- 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.