Powell's more hawkish than expected commentary after he announced a 25bps rate cut and indicated that there would be no further rate cuts going forward USDJPY jumped from 108.7 to 109.2. We expect the currency to keep rising in particular if the global economic growth is not weakening and there is no worsening in trade relations between the US and China as the YEN is seen as a safe haven asset. Therefore we are long USDJPY and see it heading towards 110 with key support at 108.9.