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British Pound Forecast to Gain further versus Japanese Yen

British Pound Forecast to Gain further versus Japanese Yen

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

Why and how do we use the SSI in trading? View our video and download the free indicator here

GBPJPY–Heavily one-sided retail FX trader sentiment suggests that the British Pound may continue to rally versus the recently-downtrodden Japanese Yen. Our trader sample shows that 61 percent of open positions are currently short the GBP/JPY; a contrarian view of crowd sentiment gives us a bullish short-term trading bias. And indeed, ‘the crowd’ turned net-short GBP/JPY as it traded above ¥185 through early October.

Until we see a substantive shift in positioning, we’ll continue to favor buying into GBP/JPY gains.

See next currency section:USDCAD - US Dollar Remains in Control versus Canadian Dollar

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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