Looking at data on speculative positioning, analysts of the bank are wondering how quickly long positions in the yen have become short positions, the amount of these short positions is now greater than that of long positions during their peak last year. Not surprisingly, last week USD/JPY can not continue to grow, analysts say.
This event contributes to the growth of speculative long positions in dollars, but their current size is not worrisome, analysts say. At the same time, a liquidation of speculative short positions in pounds and euros is observed, which can contribute to the weakness of these currencies in the first quarter of the year.
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