The IMM data highlighted a continued build up in Long JPY positions in the week ending Nov 02. Further to my earlier post about US Dollar positioning, HSBC says JPY is now moving to the more extreme levels that prevailed prior to the BOJ intervening on Sept 15. Traders point out that there is now plenty of (USD) bids below 81.00 whilst Japanese exporters remain sellers 81.70/82.00. Above 82.00 there are plenty of USD stops.