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After, Yellen’s comments last Friday at Jackson Hole and the subsequent correction in the majors against the USD, I feel levels are now more reasonable reflecting the relative economic health of the countries. However, I believe, the GBP and JPY have more downside adjustment to be made.

Take a look at the 4H USDJPY, the JPY is now just under the 38.2% level, I believe there is more room for the JPY to weaken.

4H usdjpy

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