#USDJPY This has got to be the easiest USD to sell. Why ? Because it is a technical, positioning, interest rate and cross asset fundamental dream. Technical Look at the blue line. Tell me why that is important. What happened to price at the blue line ? It is 100DMA and was support but broke. The 200DMA (the yellow line) has found short term buyers. Where do you think I will be selling again ? Positioning BOJ/MOF/December hedging for Japan's largest pension fund had finally stopped. Desk talk of course but being cynical has kept me safe for over 10 years trading derivatives and spot. More than safe. IR JP and the new DOTS had the USD carved up like a turkey on Wednesday. It wasn't a USD story it was a risk story. Global growth and the fact that ED Futures point to a rate CUT in 2020 had JPY pairs getting hit because of worries. Cross asset Fundamental FAANGS falling out of bed, so are banks, ISM's not breaking 60, credit spreads widening, QT not going away, OIL getting nuked, 5yr5yr breakevens much lower and broad global CPI with ROC in oil all makes for a bleak picture I'll be touching on this and more tomorrow. hashtag#beatnussbaumer and i have been selling the ar*e out of risk for a month. When will leveraged equities buyers realise there is no Powell Put ?