Adam posted the CFTC commitment of traders data earlier.
Unless I’m mistaken, they showed the largest net yen short (speculative) since July 2007 (the highest net yen short of -188,077 contracts was on June 26, 2007). Fundamentals and techs both seem to be lining up for the short yen trade.
But with positioning like that it ain’t gonna be a smooth ride I wouldn’t think. USD/JPY went sideways for what, 7 months?, in 2013 …. that big triangle. More of the same coming up in 2014?
