CFTC Report: Yen reversal leads a broader positioning reset

Pablo Piovano FXStreet

The week in one sentence: Yen positioning swung back into net longs in the week to September 8, leading to a 103.0K-contract improvement. Canadian Dollar shorts also fell sharply, while Oil buying accompanied another price rise. Euro, Sterling and Swiss Franc positioning weakened despite firmer currencies, leaving those moves unconfirmed by speculative flows.

JPY turns net long

Japanese Yen (JPY) net positioning improved by around 103K contracts to a net long of 10.8K contracts, marking the biggest weekly increase since early August. During the period, USD/JPY collapsed to the mid-153.00s, consistent with the stronger positioning. Net exposure reached the 77th percentile in contract terms. A further fall in USD/JPY would support the Yen recovery; a rebound towards the previous Tuesday's 160.17 would undermine it.

CAD: Shorts retreat sharply

Non-commercial net shorts in the Canadian Dollar (CAD) narrowed by around 37.6K contracts to 70.5K contracts, the strongest weekly improvement since mid-December 2025. Furthermore, USD/CAD fell modestly, revisiting the 1.3800 neighbourhood, aligning a firmer currency with the positioning shift. Net positioning rose to the 35th percentile. Meanwhile, further USD/CAD losses would reinforce the move, while a return above 1.3893 would challenge it.

WTI and GOLD: Buying meets rising prices

Speculative net longs in WTI increased to 136.6K contracts, with its settlement rising markedly and surpassing the $96 mark per barrel. In addition, positioning remains light at the 15th net percentile. Speculators added around 3.8K contracts to their Gold net longs, taking them to nearly 232K contracts alongside a decent price gain to the $4,400 mark per troy ounce. Gold exposure reached the 98th percentile after adjusting for open interest, leaving it more vulnerable to an unwind if prices reverse.

EUR and GBP: Currencies defy weaker flows

Euro (EUR) net shorts widened to 42.6K contracts, hitting the largest deterioration since late July, even as EUR/USD rose modestly past 1.1630. In addition, net positioning slipped to the 8th percentile. Speculative net shorts in the British Pound (GBP) jumped to around 58.8K contracts, while GBP/USD made decent gains. However, sustained price gains could pressure shorts, but the positioning data alone does not confirm a bullish turn.

AUD and CHF: Contrasting signals

Australian Dollar (AUD) net shorts dropped to around 34.9K contracts. The move came in tandem with marked gains in AUD/USD, indicating an aligned improvement. Speculative net shorts in the Swiss Franc (CHF) widened to around 30K contracts, yet USD/CHF charted modest losses, piercing the 0.8100 yardstick. A further decline in the pair would keep Franc price strength at odds with speculative positioning.

Positioning Map: Gold remains crowded

Gold is the clearest, crowded long by exposure, at the 98th percentile. AUD's 84th exposure percentile describes a relatively light short, not an outright long. EUR and GBP remain near the 8th and 12th net percentiles.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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