GBP/JPY was the best trade over the past week

The pound was the top performer, the yen the laggard. What's next

GBP/JPY rose for four consecutive days to close out the week after a minor dip to start the week (which was also a UK holiday).

The pair rose 460 pips on the week as UK data improved and speculation about BOJ action mounted.

Aside from the yen and pound, FX moves in the past week were relatively small.

The chart of GBP/JPY is fascinating. It's a sort-of mirrored cup-and-handle.

There's some beautiful symmetry on the chart as well. August finished almost flat as the first and second halves of the month moved in opposite directions.

Note too how the GBP gains are accelerating even as the number of consecutive days of gains mounts.

Overall, I believe this may very well be the start of something impressive. UK economic data hasn't blinked since the Brexit and, ultimately, the market may come to the realization that no one is going to jeopardize trade.

If that's the case, there's at least another 2000 pips of potential upside from here.