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British Pound Forecast to Gain versus Yen

British Pound Forecast to Gain versus Yen

David Rodriguez, Head of Product
British Pound Forecast to Gain versus Yen

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GBPJPY - The ratio of long to short positions in the GBPJPY stands at -1.51 as 40% of traders are long. Yesterday the ratio was -1.23; 45% of open positions were long. Long positions are 25.7% lower than yesterday and 33.2% below levels seen last week. Short positions are 8.8% lower than yesterday and 5.9% below levels seen last week. Open interest is 16.4% lower than yesterday and 21.7% 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 and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

See next currency section:EURUSD - Forex Crowd Positioning Leaves us in Favor of Euro Strength

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

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