Currency call summary 26 08 2021:
To start with today’s call Gim Hong gave us a preview to the Jackson Hole Symposium starting from tonight at 21:00 GMT+8. Watch from 2.45 to 12.35 for insights into what to expect from the meeting and the time frame on when tapering will begin to start really getting talked about it with purpose from the Fed. JPY pairs and Gold were in focus today with the GBPJPY sell trade the stand out compared with the USDJPY and EURJPY. Selling opportunities are possible on the GBPJPY if price can get to 150.90 with the stop loss at 40 pips and take profit at 120 pips. The USDJPY is in a challenging situation spot to trade currently and will need to have price get below 109.60 before a sell trade can be taken using a 30 pip stop loss and 60 pip take profit if we see the JPY catch some buying support on the back of unexpectedly hawkish comments from the Fed tomorrow or on Friday. EURJPY is a sell trade is price can get below 128.99 with a 30 pip stop loss and 90 pip take profit. Finally Gold is offering buying opportunities upon a pull back to the low 1700’s for a longer term play on further upside in the coming months.
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