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GBPJPY - The ratio of long to short positions in the GBPJPY stands at -1.15 as 46% of traders are long. Yesterday the ratio was -1.39; 42% of open positions were long. Long positions are 1.9% lower than yesterday and 0.1% above levels seen last week. Short positions are 18.4% lower than yesterday and 8.4% below levels seen last week. Open interest is 11.5% lower than yesterday and 5.2% 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 less net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: EURUSD - Evidence Grows of Sustained Euro Turnaround
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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