USDJPY Full Market Breakdown and Trade Idea

The prevalent risk-on environment, as depicted by a relentless rally in the global equity markets, undermined the safe-haven Japanese yen. In other words in longterm we expect a .../JPY to the upside .

Hence, it will be prudent to wait for some strong follow-through buying before positioning for any meaningful upside. Market participants now look forward to the release of the US ISM Manufacturing PMI. This, along with speeches by Fed Vice Chair Randal Quarles and Governor Lael Brainard, would influence the USD price dynamics.

Apart from this, technically we have a strong risk ON sentiment , a strong demand level in confluence with a daily zone and a strong 0.618 level.

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