We have been long USDJPY and see the current level as an opportunity to increase our position due to alleviated concerns over the current state of the US/China trade war. This is highlighted by the S&P 500 rising 1.3% yesterday and White House adviser Larry Kudlow advising that the US is still open to negotiation with China. Therefore we still hold our long position but would not want to see the market drop below the Fibonacci support Level at $104.658 and on the upside in the near term we are aiming for the currency pair to cross the Fibonacci resistance level at $106.663.