We have seen USDJPY drop recently due to an increase in trade tensions between the US and China which has put downward pressure on the dollar and increased demand for the Yen which is a safe haven currency. Additionally, the expected rate cut in the US due to fears over the economy has put added pressure on the currency pair as the benchmark 10-year Treasury's yield is at it's lowest since September 2017 near 2%. USDJPY now sits at the Fibonnaci support level at 107.894 so we will start building a long term long position and we will be closely monitoring the currency pair as Powell Discusses Policy Strategy at the Chicago Fed Conference later today.