Morgan Stanley booked a massive 1570 pips profit on its GBP/JPY long position

Market news

5 December 2016

Morgan Stanley booked a massive 1570 pips profit on its GBP/JPY long position

Morgan Stanley booked a massive 1570 pips profit on its GBP/JPY long position as the trade hit its target on Thursday.

Here is MS' view on the pair now:

"We hit our target on this trade as GBP/USD made new multimonth highs. We think there is still a bit more upside for GBP in the coming week but don't see a need to re-enter GBPJPY for now. We still think the JPY will weaken and are expressing the view via CHFJPY. One of our top trades for 2017 is to be short EURGBP, but we are awaiting a better entry point".

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