GBP/JPY Down by about 600 pips!
The GBP/JPY is down by about 600 pips since my post last week. That's not a bad move considering that most of the majors, like the GBP/USD and EUR/USD have been flat for the last five days. Keep your eye on the cross rates like the GBP/JPY because they could see some more movement.
I'm especially interested in the yen-quoted crosses right now because global stock markets are at a precarious point. Another leg lower in stocks could send the yen a lot higher, meaning cross rates like the GBP/JPY could continue lower.
The catalyst -- and key -- is for stocks to sell-off. This will really make the yen strengthen and get the yen-quote crosses moving lower.


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