Yen Recovering after BOJ Turns Negative

Morning Report: 06.30 London

• This morning, the yen pairs generally have a negative bias as the yen recovers some poise after large scale losses on Friday. Reports that the BoJ was moving towards negative lending rates sent the yen pairs into orbit on Friday, with a corresponding boost for Asian stocks.

• The US dollar is also on the back foot this morning after moderate gains on Friday.

• The GBP/JPY continues to out perform, with relatively small losses this morning and continued losses on the EUR/GBP.

Coming up today:

• Coming up today we have German Ifo business climate at 09.00.

• Following this we have US new home sales at 15.00.

Trade Idea:

• The GBP/JPY continues to out perform despite this morning’s small dip.

                     

A good way to play this is a HIGHER trade predicting that the GBP/JPY will close above 162.00 in 14 days for a potential trade of 143%.

                          
                                                         

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