The Japanese sold the pound aggressively at the open in Tokyo. The Pound was driven below it's seven day low against the yen. I put this sell on a couple of hours ago. The play is similar to the Kiwi short that I posted a short while ago. While the kiwi drifted back up to the 20 EMA and I covered, the GBP continues to be weak. The ICH on the 30 minute chart is also providing some downward pressure on the GBP/JPY and that may be helping my new position.
In equity news, the S&P 500 futures are pointing to a lower open. The futures are trading 90 points above the 880 level that would confirm a head and shoulders topping pattern.
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