One thing that will never change in the FX market is that erstwhile bears change their coats and become bulls at the top of the market. That’s what’s been happening recently with the Sterling; the market was bearish GBP/JPY at 135 and suddenly was getting all bulled up at 170. Yesterday’s suggestion that GBP/JPY offered good contrarian value at 167.50 proved to be correct and we really only need to find two of these trades per month to have a very good year (even with the usual losses thrown in).
It will be very quiet today in Asia ahead of the NFP tonight and there is little or no regional economic data of note set for release.
But, there’s still no harm in looking for another Gimme