British Pound Expected to Continue Higher versus Yen
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GBPJPY - The ratio of long to short positions in the GBPJPY stands at -2.68 as 27% of traders are long. Yesterday the ratio was -1.97; 34% of open positions were long. Long positions are 19.1% lower than yesterday and 20.7% below levels seen last week. Short positions are 10.0% higher than yesterday and 8.5% above levels seen last week. Open interest is 0.2% higher than yesterday and 0.2% 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 - Euro Uptrend Remains Intact, but next Move Pivotal
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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