JPY short positioning overextended JPY safe haven in the event of equity downturn GBP strength keeps inflation low - BoE will not hike Brexit uncertainty remains GBP positioning not overextended - room for shorts to build
Sentiment
Speculative market sentiment is very bearish yen; underestimating possibility of yen strength in case of events like August 2015 Sentiment is neutral/bullish GBP
Trade structure
Short at spot. Add to position when wedge is broken. Add to position every 100-200 pips of downside, trail stop to profit Scale out at 130-125 yen
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