According to the CFTC, investment funds have reduced long positions in the Japanese yen to an annual minimum. Now large speculators are active sellers of the yen. I would like to note that the decline in “longs” is also observed in the Swiss franc.

These two currencies are historically defensive assets and the sell-off in the yen and franc is quite logical, given the expectations of strong growth in the global economy this year. Against this background, it is desirable to open Buy positions after a technical correction, counting on the continuation of the upward trend.

Investment idea: Buy 108.70/108.50 and take profit 109.20.