Friday, August 22, 2014

A little bit of fundamentals and technical

Janet Yellen is set to speak tonight, historically her speech echoes the sentiments from the FOMC minutes. This will cause the USD to be bullish especially pre-speech and post speech direction would depend on the content.

I went in long on USD/JPY at 103.70

In addition to the fundamentals, this pair was near support level when I entered. A bounce given the strength of the dollar is very probable.

As for GBP/JPY,this pair was also at support and given the recent outcome of the MPC votes, long term.GBP/JPY should be up.

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