Sterling Looks like a Buy versus the Yen
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Trade Implications – GBPJPY:It was two weeks ago when we noted that a sharp build in GBPJPY selling pointed to further gains. Clearly the Bank of Japan had something to do with the Sterling’s subsequent ~1000 pip surge, and luck played an even-larger role than usual in this particular forecast. Until sentiment changes we see little reason to change our trading bias.
See next currency section:EURUSD - Euro Targets Fresh Multi-Year Lows
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.