Sterling May Rally further versus Japanese Yen

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Sterling May Rally further versus Japanese Yen

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GBPJPY – Retail FX traders are once again net-short the British Pound against the Japanese Yen, and a contrarian view of crowd sentiment leaves us in favor of buying into GBPJPY gains.

Trade Implications – GBPJPY:Our sample shows that traders most recently turned short GBP as it traded above ¥174 and with minor exception have remained short since then. Last week we did see a build in long positions, but that proved relatively short-lived. Indeed we maintain our calls for further GBPJPY gains.

See next currency section:EURUSD - Euro Poised to Test Multi-Year Lows versus Dollar

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

Sterling May Rally further versus Japanese Yen

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