USDJPY completed its flat and reversed from the well-defined 108.00/08, carving a bearish outside day today. 108.00 is the 61.8% retrace of the February-March decline. 108.08 was high print a number of days in April and May. The fractal nature of markets is on display in the chart below. The pattern from 6/5 to today is the same shape as the pattern from 3/24 to 6/5. That’s a fractal! Finally, I like that Yen futures held 2020 VWAP and VWAP from the February low. Very short term focus is on 106.92 although significant downside potential exists in USDJPY as long as price is under today’s high.