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GBP/JPY: Weekly Analysis & Setup update

Recent retail trader data reveals intriguing insights into the GBP/JPY currency pair. A mere 19.38% of traders are currently maintaining long positions, resulting in a short-to-long ratio of 4.16 to 1. This pronounced bearish sentiment among retail traders often serves as a contrarian indicator, suggesting the possibility of continued upward momentum for the GBP/JPY.

Temporal shifts in trader positioning add another layer of complexity to the market outlook. While the number of traders holding long positions has increased by 8.27% since yesterday, it has markedly decreased by 18.64% compared to last week. Conversely, short positions have seen growth both on a daily (6.39%) and weekly (3.63%) basis.

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