Yen Shorts Watch Out - Positioning and Sentiment as Extreme as it Gets

With Fed tapering now a reality, it would seem the path of least resistance for the yen is down. It appears though from looking at trader positioning and public opinion sentiment that this thesis is now common knowledge. Indeed, speculators are as short the yen as they have ever been and public opinion is trying to crack new lows. Readings this extreme often coincide with near term rallies in the currency.