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." For more information, read our latest forex news.