Post Japan election, CTA is now selling some of their JPY length build up from start of Feb, and with Asia open 11 Feb starting the sell off again to about 153 levels, we should see more CTA selling.
Major banks have mixed views on USDJPY longer term (6-12mths), with GS and Nomura bearish and targeting 150-152 levels, JPM bullish and targetting 157-160 levels.
Meanwhile CTA still close to max long on AUD, EUR and GBP.
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