GBP/JPY: Starting to build a long position
I’m already running core long positions in GBP against the EUR and the USD, so perhaps its time to add the JPY as well. My sense is that the market really wants to buy risk trades and whilst I’d love to trade GBP/CHF instead, I’ve just had too many non-events with the Swissy in recent months. Best stick to the JPY then I think.
I’m not 100% sure on levels just yet so I’m edging into a long position near 168.50 and will start to trade it as volatility hopefully increases.