Similar to USDJPY and CHFJPY we are covering this week, the pound yen has farther downside to go. A strong upward correction needs to happen before we enter our short position. The weakness in this is amplified by the structural weakness we see in the pound dollar and the downside move should be juicy.
BEAR CASE
Retest to the upside at around 157 and we ride to 153.
BEAR CASE
Retest to the upside at around 157 and we ride to 153.