#bnb
$BTC $ETH $SUI
🔴💰JAPANESE YEN
TRADERS ARE BETTING AGAINST THE YEN AT THE SECOND HIGHEST LEVEL EVER RECORDED
And this is happening just days after Japan and the US spent an estimated $88 billion trying to stop the yen from falling.
Combined net short positions from asset managers and leveraged funds hit -205,000 contracts as of July 28, just short of the 2024 record. Hedge funds alone are the most bearish since 2007.
The intervention happened, and traders went right back to shorting.
USD/JPY hit 155.2 after the intervention and has already jumped back to 158.5.
In 2024, positioning reached a similar extreme. When it unwound, the yen moved violently as everyone rushed to close at once.
That was the August 2024 crash that took global stocks down with it.
Two ways this resolves:
If the BOJ keeps lagging on rate hikes, some institutional investors see 200 as a realistic tail risk.
If this positioning unwinds, USD/JPY could fall toward 150 as traders scramble to buy back yen.
Either way, the market has decided the intervention changed nothing.
The rate gap is still there, and until the BOJ closes it, no amount of spending fixes the problem.
$BTC $ETH $SUI
🔴💰JAPANESE YEN
TRADERS ARE BETTING AGAINST THE YEN AT THE SECOND HIGHEST LEVEL EVER RECORDED
And this is happening just days after Japan and the US spent an estimated $88 billion trying to stop the yen from falling.
Combined net short positions from asset managers and leveraged funds hit -205,000 contracts as of July 28, just short of the 2024 record. Hedge funds alone are the most bearish since 2007.
The intervention happened, and traders went right back to shorting.
USD/JPY hit 155.2 after the intervention and has already jumped back to 158.5.
In 2024, positioning reached a similar extreme. When it unwound, the yen moved violently as everyone rushed to close at once.
That was the August 2024 crash that took global stocks down with it.
Two ways this resolves:
If the BOJ keeps lagging on rate hikes, some institutional investors see 200 as a realistic tail risk.
If this positioning unwinds, USD/JPY could fall toward 150 as traders scramble to buy back yen.
Either way, the market has decided the intervention changed nothing.
The rate gap is still there, and until the BOJ closes it, no amount of spending fixes the problem.