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GBPJPY: Traders Net-Long Is Now Its Highest Since Feb. 18

GBPJPY: Traders Net-Long Is Now Its Highest Since Feb. 18

2019-03-11 16:00:00
Nancy Pakbaz, CFA, Markets Writer
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GBPJPY

51.5% OF TRADERS ARE NET-LONG

GBPJPY: Retail trader data shows 51.5% of traders are net-long with the ratio of traders long to short at 1.06 to 1. The percentage of traders net-long is now its highest since Feb 18 when GBPJPY traded near 142.915. The number of traders net-long is 28.9% higher than yesterday and 39.2% higher from last week, while the number of traders net-short is 15.7% lower than yesterday and 40.2% lower from last week.

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GBPJPY: SENTIMENT SUGGESTS BEARISH TRADING BIAS

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPJPY-bearish contrarian trading bias.

--- Written by Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

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

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