Number of traders net-short has decreased by 23.19% from last week.
SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
GBP/JPY | BEARISH | 50.00% | 50.00% | 29.96% 40.64% | -5.52% -23.19% | 9.41% -0.65% |
GBP/JPY: Retail trader data shows 50.00% of traders are net-long with the ratio of traders long to short at 1.00 to 1. In fact, traders have remained net-long since Dec 22 when GBP/JPY traded near 152.35, price has moved 0.16% lower since then. The number of traders net-long is 29.96% higher than yesterday and 40.64% higher from last week, while the number of traders net-short is 5.52% lower than yesterday and 23.19% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/JPY prices may continue to fall.
Our data shows traders are now net-long GBP/JPY for the first time since Dec 22, 2021 when GBP/JPY traded near 152.35. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/JPY-bearish contrarian trading bias.
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Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2022/03/09/GBPJPY-IG-Client-Sentiment-0923.html
By: Research
