FxWirePro: Pound enjoys second best weekly run against yen in more than two decades

Before the Brexit referendum, we at FxWirePro forecasted that the pound would decline from then current rate of 168 against the yen to 121. After the referendum, the pound declined to 124.7 against the yen in July, however, from there it has somewhat reversed course and reached 130 against the yen before the US election. And after the US election, the reversal has really picked up pace as the pound turned out to be the best performer, while the yen turned out to be the worst.

As we remain skeptical of a bull run in the pound, we are waiting on the sideline to go short once more once this consecutive weekly run ends. The pound is currently enjoying the second best weekly run against the yen in more than two decades. The pound has now gained for 9 consecutive weeks against the yen, which is only second to its 11-week run that lasted from April last year to June.

The pound is currently trading at 146.9 against the yen.