British Pound Forecast Mixed versus Yen
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GBPJPY - The ratio of long to short positions in the GBPJPY stands at -1.07 as 48% of traders are long. Yesterday the ratio was -1.30; 43% of open positions were long. Long positions are 22.4% higher than yesterday and 15.0% below levels seen last week. Short positions are 0.9% higher than yesterday and 12.7% above levels seen last week. Open interest is 10.2% higher than yesterday and 3.0% 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 but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section:EURUSD - Aggressive Crowd Selling Points to Euro Gains
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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