USD/JPY IDEA- Something to consider after Yellen statement.

Couple scenarios to consider here depending on the tone and remarks made by Yellen regarding monetary policy. Currently USD has been moving up but the move will only continue if Fed chair Yellen reinforces her comments made 2 weeks ago when they decided to raise rates again and stated they were still on track and serious about another rate hike in 2017 either in September or most likely December even though the economic data has not supported this.

I would expect her to repeat these kinds of hawkish comments that would keep USD on the rise, however if she decides to change course and takes back what she said 2 weeks ago and makes more dovish statements raising rates only when economic data supports it USD could take a big hit as the data hasn't been great.

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