The Japanese Yen (JPY) could be the biggest loser in the last leg of this epic risk rally. There are very large, long JPY positions that could be unwound on massive technical breaks. We will look for actionable opportunities in what appears to be a tremendous opportunity.

AUDJPY, EURJPY and some other higher-beta Cross-JPY trades will be analyzed this weekend.

We feel we are entering the last leg of a multi-decade RISK RALLY, where a severe melt-up in assets could cause big dislocations in JPY positioning.

Stay tuned for more.