These numbers are 5 days old but a research piece from one of the bigger banks shows that speculative USD/JPY longs have been reduced even whilst the market has been rising. This means that commercial buyers are in the ascendency.
EUR/USD shorts are also on the increase again and I’m sure that Friday night’s sell-off will have increased this even further. We are still a long way away from the massive speculative shorts which we saw in January but the market is getting bearish again.
Conclusion: No reason to stop being bullish USD/JPY or EUR/JPY.
