Comments from JP Morgan analyst, in summary
- Yellen and Draghi gave no hint over their monetary policies
- Draghi made no comments on the strength of the euro
- Buying of euro includes some stop loss order (short covering) triggered
Jackson Hole provided no incentives for yen buying or selling
- USD/JPY to stay weak, but downside likely to be limited (yen weak with mkts in risk-on mood, & Japanese buying foreign stocks)
- USD/Yen likely to see support around mid-108
- Yen buying unlikely to gain momentum
- Rise in EUR/JPY & GBP/JPY expected (to weigh on yen)
JPM remarks via Bloomberg
