Whilst risk may be rebounding temporarily as the FED attempts a dovish shift, and US-China trade tensions are likely to continue de-escalating, USDJPY will still like remain on offer amid broader USD weakness.
Here we also expect the rebound in risk sentiment to be temporary rather than fixed, meaning JPY will see some inflows. If Japanese banks tighten conditions further we will have a greater incentive for real money to reduce their exposure in the US.
The only risk here is if risk on sentiment stays supported and the US macro outlook improves.
For those interested in more details on the "flash crash" please see our previous USDJPY weekly chart!
Good luck and all the best for those invested in the US.