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GBPJPY – Retail forex traders have sold aggressively into the British Pound’s breakout versus the Japanese Yen, and a contrarian view of crowd sentiment points to further GBPJPY gains.
Trade Implications GBPJPY – The critical question for all GBP pairs remains whether Scotland will vote to stay in the United Kingdom, and any surprises on that front would bring substantial volatility. Yet all else remaining equal we believe that the British Pound may continue higher versus the Yen. Until crowd sentiment turns, we’ll favor buying into GBPJPY gains.
See next currency section: EURCHF – Euro Likely to Ignore SNB and Test SFr1.20
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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