Top 5 Events: April UK Inflation And GBPJPY Price Forecast

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GBPJPY: Retail trader data shows 73.5% of traders are net-long with the ratio of traders long to short at 2.78 to 1. In fact, traders have remained net-long since May 06 when GBPJPY traded near 145.886; price has moved 4.1% lower since then. The number of traders net-long is 11.3% higher than yesterday and 23.6% higher from last week, while the number of traders net-short is 13.8% higher than yesterday and 1.5% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPJPY prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBPJPY trading bias.

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