Sentiment Shows Twice as Many Sellers than Buyers

GBPJPY is casually on my radar. SSI (sentiment reading) is showing twice as many sellers as buyers. These sellers have already committed to their position so they become a future pool of buyers.

From a technical perspective, 195 is the 1.382 expansion of the Dec 2014 high. Much higher than 195 and we exit the false breakout zone (from an elliott wave perspective). There are technical reasons to sell off, but it would need to quickly. If it continues higher, this might be one to consider long.

FOMC might have an impact on the GBPJPY, even though the USD is stripped out of the equation. JPY is typically anchored by rates. Today's FOMC is all about rates and the Greece situation is about precedence and risk.

Keep in mind that a top is looming in USDJPY (see "How Much Juice is Left in USDJPY Bulls?"). These competing reasons is why I'm casually watching this one.