Quiet trading continues.

Another quiet day in the forex market, likely due to the lack of US data this week.

I realise I sound like a broken record, but, with the VIX still below 14, nothing has happened to alter my preference of 'short JPY or CHF trades' as the market digests last weeks 'soft landing' NFP report.

Comments from BOJ governor Ueda didn't spook the market and the JPY has continued it's weakness in a 'slow grind'. And every time I look at the charts, I seem to be waiting for a little pullback to create 1hr swing support. (Potentially on NZD JPY). And each time the chart just keeps slowly grinding further up.

It is tempting to take a short yen trade, but I'm going stay patient and wait for that swing, which could result in a missed opportunity. And if anyone is already in a short yen trade, I would suggest that it was a good decision.

Next up we have Thursday's BOE interest rate decision. It will be interesting to hear the current thoughts. Any deviation from the view of an August rate cut could see the GBP strengthen or weaken accordingly.

Feel free to email any thoughts or questions: johnelfedforexblog@gmail.com