Config.
Marché
Rapport
Unité

COT JPY/USD

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

FX · CME

What is the JPY/USD futures contract?

JPY/USD

A long means…

Exposure to a rise in the yen versus the dollar — the inverse of spot USD/JPY.

What is this?

The yen is Japan’s currency — often a refuge when risk fades, and a funding currency while Japanese rates stay low. The Bank of Japan’s rates and, at times, intervention weigh as much as the Fed. The CME future is quoted in dollars per yen: when the yen strengthens, the contract rises. Interbank spot is written USD/JPY, the other way round. Importers, exporters and corporates hedge yen-dollar; managers hedge a Japanese portfolio or yen funding.

At expiry, yen are delivered against dollars. Most positions are closed or rolled beforehand. A net long here is not a bet that the dollar is rising against the yen.

Pitfalls

  • Long JPY/USD is not long USD/JPY: buying 6J is buying the yen (spot USD/JPY falls).
  • Not the EUR/JPY cross (399741).
  • Do not add the micro (MJY) or E-mini (J7) into this line.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.