Real money players still very active in the Yen

This must be the 4th day in a row where the same activity has been reported, so it’s definitely worth paying attention to. JGB prices have also been falling which suggests to me that big institutional investors are active.

Real money players have reportedly been buying the following pairs; GBP/JPY, AUD/JPY, CAD/JPY, EUR/JPY and USD/JPY. If the speculative market is short risk-aversion pairs like AUD/JPY and EUR/JPY, as the CFTC data suggests, then we might see some fairly big moves in these pairs yet as the speccies get short-squeezed.