The British pound had been exhibiting strength relative to the major currencies since the start of the trading week. During today's Asian and European sessions, movement in the yen crosses was guided by ascending channels, suggesting some weakness in the Japanese yen. If those themes were to continue during the New York session....well, do the math: strong GBP + weak JPY = buy GBP/JPY. A channel trade on the pound yen netted 100 pips plus change during a trading session in which the U.S. dollar generally lacked inspiration.
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