FX has several intricacies that tend to be NORM. One of them is FLIGHT TO SAFETY. The JPY is a big beneficiary of that FLOW.

GBP has stronger fundamentals (BOE hawkishness mainly) so we favor it vs other HIGH BETA assets. We are not 100% convinced that there is a major RISK ASSET correction coming, but we have to look at our exposure and see where the risk lies. Hence, we looked at the GBPJPY chart for levels.