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Yen Rally Looks Fragile to Jefferies as Money Managers Pile In
For currency traders betting on the yen rally, a Jefferies strategist has a warning: Don’t get carried away. The Japanese currency has advanced more than 6% against the dollar from its November lows, but if history is any guide, positioning in the yen signals that run is near its end, according to FX strategist Brad Bechtel. That’s because when institutional investors turn bullish on the yen over the past year, it soon goes into retreat. “This is a market that is trying to believe,” he wrote after asset managers switched to net long on the yen from short first time since May, according to a report from the ... (full story)