The FOMC meeting minutes on Wednesday did not contain any surprises and hinted at a pending rate hike in September. The market already has this rate increase priced in. The remainder of the U.S. session was subdued. During the Asian session the USD strengthened against the majors. The first half of the U.K. session was subdued but trading picked up during the U.S. session overlap.
We chose to go long the USDJPY risking 13 pips for a potential 33 pips to our daily target at 111.20
As price rose above its Asian session high toward our daily target, we locked in profit and closed the trade at the target.
It’s good to see the USD show some strength after a very tedious 2 weeks of taking a breather. The fundamentals remain very strong for the USD and unless President Trump can somehow talk it down, the trend remains higher.
Good luck with your trading!
