I’m certainly not advocating that we should take a long position now ahead of the Yellen testimony .
But, the tide seems to be turning for the risk trades and this is my favourite of those. Wait until after the event and see if technical resiustance near 168.30 breaks. If it does, then I’d suggest a dip-buying strategy for the next big leg higher.
I’m thinking that the large macros are in waiting mode and are ready to pile into the next move.