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USD/JPY: positions maybe short, but not short - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that they note that CFTC positioning has deteriorated for the first time in six weeks.

    Key Quotes:

    "...with a sizeable reduction in JPY longs and modest build in shorts. Measures of sentiment have also shifted, the month-to-date turn in risk reversals suggesting a considerable moderation in demand for protection against JPY gains (USD/JPY downside)."

    "The broader tone will likely dictate the near-term path for JPY, with considerable vulnerability resulting from both positioning and sentiment."
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