The crowded long-USD/JPY trade is feeling the squeeze
USD/JPY falls to 15-month low
With the latest drop in the dollar, USD/JPY has taken out the September low and now faces the ugly prospect of a fall to the pre-US-election levels.
That is not a pretty picture.
Add in the net long of 113K in USD/JPY futures and you have a recipe for some real pain.
If I had one big takeaway from all the crazy price action in markets in February so far, it would be: No matter the environment, USD/JPY struggles.