The USD/JPY has started on another uptrend. A survey we carried out amongst ourJapanese clients in mid-November showed that 77% forecast the USD/JPY rising,22% are neutral, and 1% see it falling. At first glance, it looks as if there is a highenough ratio of yen-bears to assume that yen depreciation is fully factored into themarket. However, “fully factored in” would mean that there are already enough yenbearpositions to bring the market to the anticipated level.
Read the full report: FX Daily
Deutsche Bank