Buy USD/JPY on risk-reward, they say
CFTC IMM positioning data are only a snapshot of part of the currency market,
but the net long yen speculative position last Tuesday, ahead of the ECB
meeting, was the biggest since March 2008. The market turned from a big yen
short to a big long between the summer of 2007 and March 2008, and USD/JPY fell
from 124 to under 100 before bouncing back above 110 by mid-August. After that,
global crisis propelled the yen higher.
