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Mar 21 - 08:55 AM

USD/JPY - COMMENT-USD/JPY Rise Towards 120 Piques FX Speculators' Interest

By Rob Howard  —  Mar 21 - 06:55 AM

Recent USD/JPY gains have helped generate divergent interest from trend followers positioning for further yen weakness and contrarians hoping that Japan's currency might stage a recovery rally.

Friday's CFTC data showed IMM speculators raised their exposure to the yen by 50% in the week ended March 15.
Gross JPY shorts were raised by 24,961 contracts to 93,365 contracts, with gross JPY longs more than doubling to 34,016 contracts. nL2N2VL246

The huge increase in JPY exposure preceded the first U.S. Federal Reserve rate hike since 2018 on March 16 and the Bank of Japan's maintenance on March 18 of its massive monetary policy stimulus. nL2N2VI1CDnL2N2VK37P

The hawkish Fed versus dovish BoJ contrast helped propel USD/JPY to a six-year EBS high of 119.40 on Friday.

Some of the recently instigated JPY long positions may be ditched if USD/JPY vaults 120 (118.45 was the EBS high on March 15, pre-Fed).

Related comment: nL2N2VK0MJ

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Source:
Refinitiv IFR Research/Market Commentary

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