Dave Floyd
Aspen Trading Group
Traders,
There are myriad of ways to 'frame' a trade: technical analysis, quantitative analysis, positioning, sentiment, fundamental analysis or perhaps a combination of these.
For today's insight and possible long trade set-up, I am relying upon nothing more than the CFTC CME Japanese yen leveraged funds net positioning. See chart below.
Pay special attention to the BLUE CIRCLES below, each time ‘long yen bets’ grew to these levels, it has ushered in a period of WEAKER JPY (higher USD/JPY).
Lastly, the technical backdrop looks pretty solid and in-line with the sizeable BULLISH yen positioning noted in the above chart. As long as USD/JPY remains above 105.05 it is possible we could see prices rise towards 109+
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