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Jun 02 - 05:00 AM

USD/JPY - FX Traders Short USD/JPY Are In A Very Crowded Trade

By Martin Miller  —  Jun 01 - 04:55 AM
  • IMM data shows the speculative USD/JPY short grow in the week ending May 26

  • The IMM net speculative short was $4.0B up from $3.2B the previous week

  • Last week's $4.0B position was the biggest short since November 1 2016

  • EBS flow data since May 26 shows the short may well have grown even bigger

  • USD/JPY has relapsed from 107.85 to 107.38 on Monday (EBS prices)

  • But expect eventual USD/JPY gains above cloud supply at 108.41 nL1N2DD09F

  • EUR/JPY's correlation with USD/JPY high, 30/60-day logs are +0.62/+0.64

IMM Positions Chart 1: Click here

IMM Positions Chart 2: Click here

EBS Flow Data Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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