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GBPJPY – Retail FX traders have bought aggressively into Japanese Yen weakness (GBPJPY and USDJPY gains), and a contrarian view of crowd sentiment leaves us in favor of continued declines.
Trade Implications – GBPJPY:Last week we noted a build in GBPJPY-selling as a key reason the pair could continue to test fresh peaks. And though price action has admittedly been choppier than we would like, we see risks of further JPY weakness.
See next currency section:EURUSD – Euro Forecast to Depreciate Further versus Dollar
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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