Keeps the slow grind higher
As per an earlier post, the USDJPY broke above the 200 hour MA and 50% of the move down from the June 24 high earlier in the NY session at the 122.38 area. The price targets at the 122.64, 122.87 have been reached. The high for the week at 122.92 remains. The 61.8% of the move down at 122.853 is also getting in the way now. There still is a chance for higher levels - especially as the EURUSD rotates to new NY session lows. The next target is at 123.01. Yellen starts Q&A session shortly. Perhaps there will be more.
Her comments from her text said the following:
"Based on my outlook. I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy. But I want to emphasize that the course of the economy and inflation remains highly uncertain and unanticipated developments could delay or accelerate this first step. We will be watching carefully to see if there is continued improvement in labor market conditions, and we will need to be reasonably confident and inflation will move back to 2% in the next few years." ,
That sounds like words we've heard before....
