FXStreet (Bali) - As Nomura notes, according to the IMM data for the week ended January 19, non-commercial accounts bought JPY to the tune of $1.3bn, bringing positioning in JPY to $4.0bn. Key Quotes "According to the IMM data for the week ended January 19, non-commercial accounts bought JPY to the tune of $1.3bn, bringing positioning in JPY to $4.0bn, which is 40% of the maximum long position since 2007, which was in January 2012." "Our real-time estimator suggests that around -$0.3bn of longs were cut since Tuesday, bringing estimated net longs to $3.7bn. We see a BOJ easing decision as potentially effective as an initial reaction, as these longs will be forced to be unwound." "USD longs increased marginally by $0.1bn on the week, with net longs at $31.5bn as of Tuesday, whereas our real-time estimator suggests that longs increased a further $0.9bn since Tuesday, bringing net longs to $32.4bn. As of Tuesday, this represents a cut of around 36% from the recent local peak of long positions in November 2015." "EUR short positions were cut by a further $1.2bn for the week ended January 19, bringing net shorts to -$18.7bn. Our real-time estimate suggests that shorts increased by -$0.4bn since Tuesday, bringing net shorts back to -$19.1bn." For more information, read our latest forex news.