The Japanese Yen continued to fall to new multi-decade lows against a range of currencies after the BoJ left monetary policy unchanged. Weaker-than-expected Tokyo inflation the driver of the latest move.
The charts below show the relentless weakening of the Yen and bring official intervention ever closer. The longer the BoJ remains on the sidelines, the more markets will force them into action. The longer the BoJ waits, the more violent the subsequent Yen appreciation will be. The Japanese Yen used to be seen as a safe currency to trade, aided by the carry trade. That is no longer the case and strict risk management is a must when trading any Japanese Yen crosses.
Looking at three monthly Yen charts highlights the weakness in the Japanese currency. USD/JPY now trades around 156.75, a 34-year high….Retail trader data shows 15.39% of traders are net-long with the ratio of traders short to long at 5.50 to 1.The number of traders net-long is 2.82% higher than yesterday and 8.10% higher than last week, while the number of traders net-short is 2.56% higher than yesterday and 7.20% higher than last week.
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