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.
The Panthenon Investment Group 