USD/JPY: Likely to stay quiet but downside risks in short-term
The August holidays are in full swing and we can expect another very quiet session in Asia. USD/JPY is still in sideways mode overall but risk-reward favours the bears at current levels. The market may have gotten a bit too aggressive above 99.00 last week and I would not be at all surprised to see trailing stops triggered below 98.00 in coming sessions. A clean break back above 99.20 will greatly improve the bullish argument.