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COT 09/02
Tuesday, 02 September 2008 19:45:39 GMT  |  Jamie Saettele, Senior Currency Strategist
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JPY:  The index is at 8 after having been at 6 last week.  In 2007, positoning was much more extreme, but we would expect it to be since 124.13 was probably the end cycle wave 4. 

Still commercial buying is just above 50%.  Significant lows (USDJPY top in this case) usually see higher commercial buying.     

 

Implications: neutral

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