Nighthawk says: Hedge GBP/JPY tail risk, go long 137.80. Target 139.50+. Most probably target 143.99. Let´s see. GL+GT Nighthawk
Told you to hedge tail risk, didn´t I? Last trade: 138.01. Expect this to move above 149.71. Why? Well, something to do with volatility smiles, risk premiums and 25 delta risk....and the usual other "stuff".... I hope, the Japanese desk had their fun to run for the 105.00 Knock Outs from Japanese exporters hedging their exposure?