The Bank of Japan pivot to tightening hasn’t helped strengthen the yen.
The extremely well-telegraphed move saw a jump into long yen positions and they’ve been unwinding. Add in the prospect of no further tightening to come on the horizon and yen has been beaten down. EUR/JPY is at its highest since 2008 and the euro ain’t no glittering prize.
The long yen trade
This article was written by Eamonn Sheridan at www.forexlive.com.
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