The yen has been under intense pressure in recent days, first on the back of the Japanese election result and then exacerbated by broad-based dollar demand as risk-off flows dominated global markets.
The yen has been under intense pressure in recent days, first on the back of the Japanese election result and then exacerbated by broad-based dollar demand as risk-off flows dominated global markets. However, with USDJPY surging, positioning now looks stretched. After all, the broader dollar downtrend remains intact, and we think the market may have overdone the aggressiveness of its yen sell-off.
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