The moves in Japanese equities, US rates and gold have reversed enough that I think USDJPY will go higher over the next week or so. This is obviously contingent on a Remain UK Referendum vote. My point with this email is to show how USDJPY has deviated significantly from the usual measures of short term fair value.
Take a look at these two charts. They both suggest we should be above 106.00 by Monday on a Remain vote.
I’m long AUDJPY and USDJPY here risking new lows (under 103.50 USDJPY).
It is very hard to carry it through Brexit so I will decide what to do Thursday if I’m not stopped out.
(Citibank, Brent Donnelly)
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