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By comparison, in early August, speculative positions reached net short ~180,000 contracts, the most in at least 20 years. The las time such a sharp reversal from short to long occurred was during the 2008 Financial Crisis. This comes after the Japanese Yen has strengthened against the US dollar by 12% since July as the carry trade has scaled back. The $USDJPY pair is flat year-to-date and is trading at its lowest level since the first week of January. Japanese Yen volatility is still here. Source: The Kobeissi Letter
Source: Bloomberg