• UBS model flags USD/JPY as the standout month-end rebalancing sell signal

• S&P 500 has outperformed G10 equity peers month-to-date in September

• Despite broad US equity strength, only USDJPY shows a clear, strong signal

• Other G10 pairs: signals are weak or misaligned with month-to-date equity moves

• UBS say the model's predictive power is currently weak, so treat signals with caution(Richard Pace is a Reuters market analyst. The views expressed are his own)