Last week's tumble in USDJPY was the perfect product of broad USD weakness and overall JPY rebound, as US indices dropped across the board. Friday's bounce from the 55-DMA is a familiar occurence for USDJPY (as was the case in late Nov 2021, mid April 2021 and October 2018). According to the latest report from the CFTC commitment of traders, overall net shorts in JPY vs USD continue to escalate (see B in lower left chart). This could follow the same pattern as that seen in mid 2017 (A). For more detail on this pattern, watch from 8:24 in this video.