Yesterday the FED chair Yellen appeared at a conference in New York where she held a speech. The market was expecting her to drop some of the bearish comments that she made in the FOMC statement two weeks ago, but she stuck to them. She even reinforced them so the hopes of the US Dollar bulls were diminished and the Dollar suffered some reasonable losses. We thought that yesterday´s declines would be all so we opened an EUR/USD sell signal at 1.1303 but this morning the Buck is going through another wave of selling. Our signal is still on so we hope this USD downtrend comes to an end finally and eventually reverses.

USD/JPY has declined an additional 70 pips this morning