While pound remains offered, Yen is well bid

Pound is well offered against the dollar heading into weekend such that better than expected services PMI failed to provide the necessary boost.

On the other hand, Yen remains fairly well bid against dollar heading into mega risk event over the weekend.

Speculative small position can be added to go short on Pound against Yen. Pound is currently trading at 191.8 against Yen.

Stop loss can be put around 193.5 area targeting 189 and 185.

However, one should note this is a speculative position short term position, which might be against fundamentals of monetary policy divergence.

Fundamental may be against but long road ahead over Greek negotiation from either of the outcome is likely to keep Yen well bid in the near term.