Yen Bulls Loaded Up into BOJ as Euro Shorts Hit 11-Year Extreme| COT report
⟶ Traders increased their long positions in the Japanese yen leading up to a Bank of Japan (BOJ) meeting. Simultaneously, traders reached an 11-year extreme in their short positions in the Euro.
Why it matters
The positioning suggests a significant shift in market sentiment with strong bullish conviction on the yen. The extreme shorting of the euro indicates a high level of bearish sentiment or a crowded trade.