The current clamour for all things GBP has knock-on effects 15 Sept
Eventually got round to posting this which I had in my sights to bring you earlier but side-tracked by other events/comments. Grrrrr.
GBP demand has taken GBPJPY up to 151.20 after triggering large stops which in turn has seen USDJPY take out good offers/res into 111.00 to post 7-week highs of 111.32
I have highlighted before the large hedge-fund interest in GBPJPY which in the past year has been most notable in various falls/tumbles on GBP weakness/JPY safe-haven plays.
Seems like those positions are now history with the latest GBP demand and yen's reduced safe-haven demand given it has missiles flying overhead. In any case I always was curious as to why it had safe-haven status in the first place.
All three pairs still underpinned at 1.3585, 111.31 and 151.23.
I don't advise anyone to stand in the way of this runaway train for the moment still, however over-done some of these moves are.
As always, ours is not to reason why, ours is just to sell and buy. If in doubt stay out ( that's the polite version!)
GBPJPY 4hr
USDJPY 4hr
