The Yen Has Been Murdering Traders This Month

Here’s a chart of the dollar vs. the yen.

As you can see, the yen has been crushing the dollar this month.

Chart from FinViz:

image

Photo: FinViz

Why is that notable?

From WSJ on November 2:

As of Oct. 30, investors had increased their net short yen position to $5.8 billion, the largest short yen position since May 8. The previous week investors held a net $2.8 billion short yen position, according to the Commodity Futures Trading Commission.

This is what you call a pain trade.

Everyone’s short the yen because of the country’s growing trade deficits, and QE or whatever, so naturally just as everyone does that, the currency does the opposite.

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