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British Pound May Fall Further versus Yen

British Pound May Fall Further versus Yen

David Rodriguez, Head of Product
British Pound May Fall Further versus Yen

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.16 as 54% of traders are long. Yesterday the ratio was -1.01; 50% of open positions were long. Long positions are 3.9% higher than yesterday and 16.7% above levels seen last week. Short positions are 11.4% lower than yesterday and 2.9% below levels seen last week. Open interest is 3.8% lower than yesterday and 3.4% below 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 flipped from net-short to net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

See next currency section:EURUSD - Forex Trader Sentiment Points to Further Euro Gains

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

British Pound May Fall Further versus Yen

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