The USDJPY has broken through the line that extends off of the May and July highs but the Nikkei has not. Near term structure also suggests that the Nikkei is at risk of rolling over. The thinking is that the USDJPY break is at risk of failing. 98.65/75 is probably support. See FX Technical Weekly for more.
I am not quite ready to go the other way on USDJPY (other way being short), especially in front of BoJ tonight. I have however moved from long to flat.
USDZAR short is also on my watchlist. A head and shoulders top from 8/21 may be unfolding with a weak right shoulder. Below 10.15 would trigger the breakdown.
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