Dollar Versus Pound and Yen August 23rd

FX Strategy Video > Currency Pairs Analysis

GBP/USD finally broke out above the 1.58 handle on Wednesday. With this move, the cable looks as if it is ready to continue higher, possibly even as high as 1.63 or so based upon the ascending triangle that finally broke. As for selling - there is no possibility at this point.

The USD/JPY pair fell as the minutes were released. However, there is a massive cluster of support just above the 78 handle, and as a result we saw a little bit of a bounce late in the day. Because of the Bank of Japan, we can only buy this pair - and at this point in time we are waiting for our signal to do so.

Published on 22nd of August 2012
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