Fading risk rallies is the only game in town...

A good time for a quick USDJPY chart update. For all those following the live updates from the room you will know we have been heavily short here since Q418; after clearing our first target at 105.2x from the Fed flows we are witnessing profit taking. The consolidation period will come to an end in September when the risk-off flows kickstart again, for those wanting to trade the breakdown, the map is crystal clear;

Resistance comes into play at 106.7x and 108.8x which will attract offers; to the downside a close below 104.5x will unlock 102.5x in a matter of sessions.

Best of luck all those positioned for further risk-off.

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Eyes on the break here