USDJPY SHORT TERM BUY OPPORTUNITY

Coronavirus still playing the major rules behind the movement of the safe-haven asset. JPY is one of the most traded safe-haven assets. as long as coronavirus concerned JPY is creating its demand. in this perception, USD/JPY suppose to drop. and that happened.

But if Japan is also affected by the coronavirus and US labor market reports beat the market expectation last week. moreover, JPY has a correlation with the US 1o year bond market. Bond has reached to it's the bottom line. anytime it may correct to upside. i am not telling you the USD/JPY is not gonna fall anymore. as long as coronavirus is concerned USD/JPY has more room to fall 100.00. But USD/JPY may correct to upside for some time from this price this. because of US strong labor market reports and US bond is at demand zone.

Technically 104.50 is critical support area. Many tine USD/JPY rebounded from this price zone. so we can expect some technical correction to the upside from the 104.50 area. our initial target will be at 107.50 and we will resume sell again from 108.50.

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