During the first 15 minutes of Janet Yellen’s speech at Jackson Hole, she seemed to suggest that the Fed wasn’t yet prepared to hike rates. Yen strengthened to near 100 and I decided to Long USDJPY at 100.12 cash position.
Later on, the floor fell out from under our feet when Janet said that the case to raise interest rates is getting stronger as the US economy approaches the central banks’ goals.
Then, it was USD bulls across all the majors.
USDJPY hit a high of 101.29, but I squared my position at 101.12 for a nice round figure of 1 yen trading profit. Thank you Janet Yellen.
Looks like NFP will be on the radar screen next week.
Here’s wishing everyone a great weekend.
The Panthenon Investment Group 