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May 17 - 12:12 PM
USD/JPY - COMMENT-IMM: USD/JPY Bulls Feel Heat As Dovish Fed Sentiment Grows
First appeared on eFXplus on May 17 - 10:55 AM

With EUR/USD having gained a paltry 0.13% over the May 8-14 CFTC IMM spec reporting period, today's release is likely to show spec USD long positioning remained anchored just below recent trend highs .
With the dollar reluctant to move to new trend highs even with burning issues such as China trade tensions, Brexit uncertainties and European elections spurring safe-haven bids, today's IMM positioning release will still be parsed for hints at market direction.
Of particular interest will be what tack specs have taken in this week's move to new trend lows in USD/JPY at 109.02. Dollar longs versus the yen had been increasing even as USD/JPY fell from above 112 in early March, though they saw a significant reduction in the last reporting period.
As of last week's CFTC data release, specs were short 117,586 yen contracts (long USD) while long 25,869 yen contracts.
Sentiment may be turning for USD/JPY longs as dollar bulls take heed of the market's lower Fed rate outlook in the near-term, which puts USD/JPY supports levels at 108.49 and 107.52 in sharper focus, and use bounces in USD/JPY to continue reducing stretched longs.

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Refinitiv IFR Research/Market Commentary


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