FxWirePro: Add pound shorts against yen

In a previous article named, “FxWirePro Long Term Outlook: Prepare to go for another big short in pound against yen”, which is available at http://www.econotimes.com/, we called on our readers to prepare for another big short in the pound against the yen, after our last call to short the pound at 168 against yen targeting 121 was a big success. We suspected, that the 150 area would be good to add short positions but the pound reached only 148.4 against the yen and we waited a bit too long for confirmation.

However, it is better late than never. We continue to expect that with the ‘Article 50 triggering’ looming ahead, the pound has a lot to lose against the yen, which is a very top notch safe haven currency. Though, as of now, it is not clear if this is the reversal point we had been waiting for to get something like 4000 pips or more but it is definitely an area to go short in the pound. Even if the pound rises after a correction, the correction could easily give 700-1000 pips. We highly recommend to our readers to go short in the pound at the current rate of 140 per yen and at rallies, targeting 135 and 130 to the very least.