British Pound Targets Fresh Lows versus Yen
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GBPJPY - The ratio of long to short positions in the GBPJPY stands at 2.07 as 67% of traders are long. Yesterday the ratio was 2.13; 68% of open positions were long. Long positions are 2.0% higher than yesterday and 33.6% above levels seen last week. Short positions are 4.6% higher than yesterday and 3.1% above levels seen last week. Open interest is 2.8% higher than yesterday and 18.1% 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 but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: EURUSD - Retail FX Sentiment Points to Further Euro Strength
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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