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Gold, Yen Price Action Setups ahead of Jackson Hole

Gold, Yen Price Action Setups ahead of Jackson Hole

James Stanley, Senior Strategist

Talking Points:

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- In this webinar we used price action applied to macro markets of the Japanese Yen and Gold to look at possible game-plans and scenarios for the upcoming Jackson Hole Economic Symposium scheduled for later this week.

- As we discussed, the U.S. Dollar continues to show weakness despite no fewer than four different Fed officials offering hawkish commentary over the past week; and this very much fits with the pattern of the Fed growing more hawkish after stock prices ascend to fresh highs and risk assumption runs stronger.

- We looked at two different markets to focus on USD strength or weakness around the upcoming Jackson Hole Summit. On the long side of the Dollar, USD/JPY could be attractive given the continued support around the vaulted psychological figure of ¥100.00. On the other side, should USD weakness become more prominent after Jackson Hole, the top-side of Gold could be attractive. We discussed both of these scenarios in this morning’s Market Talk.

- We also looked at a longer-term trend-line in EUR/USD that could become interesting on a longer-term basis. Should price action move up to resistance in the zone around 1.1418, this could open the door for bearish plays on the expectation of USD-strength after the Dollar finds support.

--- Written by James Stanley, Analyst for DailyFX.com

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