- USDJPY has uncharacteristically been subdued through April despite the broad risk rally in April and early May
- Specifically, the inability to sustain gains above 97.98 (200-day MA) raises red flags for other risk positions also
- Correlations between USDJPY and S&P500 has fallen from 0.72 in Nov to 0.59 in May
- Head and shoulders top is potentially forming and we will test 95.63 neckline for confirmation
- This will open way for downside test of 93.54 and 92.65 supports