I think it’s a fine time to take profit on the GBP/JPY trade that we have open. The trade opened at 233.50 or so, and now it’s about 700 pips higher. That is enough for me and I bet it’s enough for you.
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Everyone is sort of looking around and wondering about the rise in the JPY today. If you look at the charts, you’ll find that the GBP/JPY really took a hit (which Tony Juste could have helped you with), but that the GBP/USD actually rose this morning. But to get a real view into the story, you need to look at the chart for the USD/JPY:
What really happened today was that the USD got wholloped by the JPY, and that USD weakness spilled over across the board, so the GBP/USD went up.
Also today I wrote about the relationship between Google’s stock and the carry trade. You can read that post by clicking here.