USD/JPY is clinging to 150 despite the weaker US dollar on Tuesday, as there seems little reason for traders to bid the yen. And unless we receive a compelling reason to buy then yen via a surprisingly hawkish BOJ or broad risk-off environment, it becomes difficult to construct an overly bearish case for USD/JPY whilst the Fed remain quiet about rate cuts. Yen futures large speculator positioning – COT report With that said, I did outline in the weekly COT report that bearish bets against yen futures bears are near a sentiment extreme. And that does run the risk of yen futures holding above their 2023 lows, which ... (full story)