Squawk / 13 September 2016 at 3:33 GMT
Manager / Tashkent designer
Dear Steve,
First of all how are you?
I want to know from you sir as I have 2 position trades open.
First it's gbpjpy I have sell @133.50.
And to hedge I have buy usdjpy @103.70.
I want to know which pair I square off first if it comes to my rates which I should hold.
Please express your advice.
Thanks take care Steve.
Stephen Pope Stephen Pope
Vanita, I am well thank you. I hope you are too...I saw you are following me on Twitter as well!

Looking at the technical disposition of both GBPJPY and USDJPY I see the following pattern:

On all measures I would prefer being short GBP against JPY.

For the USD JPY I would be long USD up until the Daily or Weekly perspective...then I swing behind the JPY.

Partly the USD is finding support after dipping yesterday on the dovish comments from Federal Reserve policymaker Lael Brainard. She is seen as being close to Yellen and so I think when the Fed does not move quickly the USD will lose support.

Therefore I would keep with Yen over Sterling and start to fade out of the Dollar long by Monday next week.

I think GBPJPY will come back to your cost. USDJPY has scope to 102.50...then I fear USD will fade.

vanita vanita
Thanks Steve .


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