Kay Van-Petersen, global macro strategist at Saxo Capital Markets, is long GPYJPY on the back of the Federal Reserve’s likely rate hike.

He believes the Fed’s actions in possibly June or July will lead to a weaker yen while Brexit is looking like a lot less of an issue than was the case a month ago.

Van-Petersen plans an entry of 163.00, with a stop of 160.000. His targets are 166.00, 169.50, 174.00.

Van-Petersen says he is staying aware of a return of risk-off and a false breakout. He is looking for long positioning over the next two to four months.