---
title: Net long positions on the Japanese yen hit ~45,000 last week, the highest level in 3.5 years.
description: "By comparison, in early August, speculative positions reached net short ~180,000 contracts, the most in at least 20 years.\n\nThe las time such a sharp reversal from short to long occurred was during the 2008 Financial Crisis.\n\nThis comes after the Japanese Yen has strengthened against the US dollar by 12% since July as the carry trade has scaled back.\n\nThe $USDJPY pair is flat year-to-date and is trading at its lowest level since the first week of January.\n\nJapanese Yen volatility is still here.\n\nSource: The Kobeissi Letter"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Net long positions on the Japanese yen hit ~45,000 last week, the highest level in 3.5 years.](https://blog.syzgroup.com/syz-the-moment/will-keep-this-one.-for-the-difficult-times-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-1-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-1-0-0-0)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Sep 12, 2024, 2:44:35 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/will-keep-this-one.-for-the-difficult-times-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-1-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-1-0-0-0)

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