Yen shorts high despite unwind
TOKYO - Yen short positions held by Japanese retail foreign exchange traders remain at record levels for the year, despite the recent unwind seen in the market, according to JP Morgan.
Yoonyi Kim and Junya Tanase, the US bank's strategists in Tokyo, estimate that aggregate yen shorts reached ¥3.8 trillion on July 8, marking the highest level since October last year. The elevated levels are despite the massive unwind that caused USD/JPY to breach the ¥95 support on July 8, catching out dealers
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