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🧮 Leveraged Funds Increased Bearish JPY Bets to Highest Since May 2022: Cable FX Macro

**As seen in IMM Positioning Report 07/14/23, subscribe at

  • Leveraged funds increased bearish bets on the Japanese yen, according to the latest CFTC data. The JPY net short is now at -58.10K contracts, about 4K contracts larger from the prior week

  • Hedge fund's positioning is now the most net short in the yen since May 2022, funds have kept the JPY short since early January, the position has been building to this direction since mid-June

  • Despite the move, % of open interest in JPY futures is not at lows seen earlier this year. Leveraged funds' yen position ticks at -23.0% of open interest, this is a 3pp drop from the prior week. This metric had reached -29% back in March

  • Our 5-year historic data chart is showing leveraged funds' % of OI closer to its lower standard deviation band, meaning that the position is close to reaching extended levels



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