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British Pound Forecast to Appreciate versus Yen

British Pound Forecast to Appreciate versus Yen

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

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GBPJPY - The ratio of long to short positions in the GBPJPY stands at -1.86 as 35% of traders are long. Yesterday the ratio was -2.41; 29% of open positions were long. Long positions are 13.3% higher than yesterday and 3.0% above levels seen last week. Short positions are 12.3% lower than yesterday and 12.0% below levels seen last week. Open interest is 4.8% lower than yesterday and 2.2% above 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 - Heavily One-sided Trades Point to Euro Gains

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

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