$USDJPY | Buy Trade | Market Exec | Technical Confluences:
- Price has been trying to consolidate at these prices
- Prices have bounced off the Interest Zone but will face Resistance Trendlines and interest zones above
Fundamental Confluences:
- Similarly, like the earlier FX:USDCHF post
- Market seems to have overdone their expectation of many rate cuts and based on how FED normally reacts, they are more reactive than pre-emptive.
- In that sense, the Jackson Hole event this Friday may disappoint markets if Powell sticks to his affirmation that Sept cut is highly likely but any other cuts will remain data-dependent (If I'm wrong, then we will cut it if it breaks the 2024 low)
-----
Taking on a short punt on the FX:USDJPY long trade before Jackson Hole event.
It will be a digital event trade. Make or break.
-----
