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 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)
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Taking on a short punt on the USDJPY long trade before Jackson Hole event.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.