Exchange rate (USD/JPY) - Speculators' positions - Concern over a yen depreciation reversal

In the foreign exchange market, there are a variety of participants. Each moves on their own accord. As each balances supply and demand, speculative players disrupt that balance and create ripples in the market.

However, now there is no fundamental balance of supply and demand to begin with, and there is a sense that everyone is moving in one direction. When this happens, even if you read the actions of the speculative players, the market's future direction is hard to predict.

With that premise, let's look at the positions of the speculative players.

First, from the yen/dollar perspective (in the futures market it is not dollar/yen but yen/dollar).

It is now certain that the power of the speculators has weakened.

Even so, the speculators are riding the market trend

One thing that is clear is that, for now, there are almost no bullish positions on the yen among speculators. (yen longs are extremely low)
Compared with that, yen short levels are not at their peak either. They may not be thinking about yen appreciation, but inwardly they probably feel that the yen is too cheap. More likely, they are fearing a quick reversal risk. In such a period, yen depreciation is likely to continue.